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Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Ordinary shares, par value (in Dollars per share)	$ 0.00000939586994067732	$ 0.00000939586994067732
Ordinary shares, authorized	500,000,000	500,000,000
Ordinary shares, issued	166,217,880	149,181,538
Ordinary shares, outstanding	158,248,149	140,938,555
Treasury shares	7,969,731	8,242,983

Short-term Investment

12 Months Ended

Dec. 31, 2023

Short-term Investment [Abstract]

Short-term Investment

Short-term Investments

In accordance with the ESA Agreement (see Note 16), with the written consent from Shaolin in August 2022, the Company used cash in the collateral account to invest in eligible investments. Written consent from Shaolin shall also be required in the circumstance of trading or substitution of eligible investments. The Company shall pay to Shaolin and/or the ESA Investors, at the written direction of Shaolin, an amount of cash in USD equal to the aggregate amount of interest accrued on the funds held in the collateral account in excess of US$100,000, up to a maximum of US$300,000. In the situation whereby there is a net loss in investment in the future, the Company is obligated to compensate the net loss in the collateral account.

In September 2022, the cash in the collateral account amounting to US$53,169,218 (equivalent to RMB377,490,814) was used to acquire securities issued by a financial institution in United States of America. These securities are financial products and the underlying assets are US treasury bonds. These securities are classified as Available-for-Sale securities (“AFS”) in accordance with ASC 320 because these securities are not acquired for trading purpose and they do not have maturity dates either. AFS are recorded at fair value in the consolidated balance sheets. Unrealized gains and losses on AFS are recognized in other comprehensive income, while realized gains and losses and impairment losses are recognized in consolidated statements of operations. Upon sale, gains and losses are reclassified from other comprehensive income into earnings based on specific identification of securities sold. The AFS securities are determined to be restricted because the Company is unable to trade or substitute these securities without written consent from Shaolin. On February 10, 2023, April 11, 2023 and July 13, 2023, the first, second and third tranches of ESA proceeds of US$5,413,344 (equivalent to RMB36,747,941), US$7,133,280 (equivalent to RMB49,135,463) and US$4,745,534 (equivalent to RMB33,943,379) were released from the collateral account and received by the Company while US$11,919,983 (equivalent to RMB80,917,612), US$10,533,379 (equivalent to RMB72,556,022) and US$13,421,127 (equivalent to RMB95,997,298) were released from the collateral account and returned to Shaolin, respectively. On February 15, 2023 and July 13, 2023, the Company received US$100,000 (equivalent to RMB686,130) and US$712,069 (equivalent to RMB5,032,270) of interest income from the collateral account, respectively and in 2023, Shaolin received US$300,000 interest income from the collateral account. For the year ended December 31, 2023, realized gains of RMB5,718,400 was recorded in interest income due to the termination of ESA Agreement.

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

Schedule of Activities of Original Option Units

The following table sets forth the activities of Original Option Units for the year ended December 31, 2023 and 2022:

	Number of Original Option Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
				US$		US$				US$

Outstanding as of January 1, 2023		28,366,000			0.35		0.29		6.67		14,548,534
Granted		2,614,947			0.83		-		-		-
Forfeited		(1,933,526	)		0.67		-		-		-
Exercised		(1,786,023	)		0.23		-		-		-
Outstanding as of December 31, 2023		27,261,398			0.38		0.33		5.88		5,247,567
Expected to be vested as of December 31, 2023		27,261,398			0.38		0.33		5.88		5,247,567

No Additional Option Units are exercisable as of December 31, 2023 and 2022. The following table sets forth the activities of Additional Option Units for the year ended December 31, 2023:

	Number of Additional Option Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
				US$		US$				US$
Outstanding as of January 1, 2023		1,292,041			0.80		0.57		1.42		309,270
Granted		-			-		-		-		-
Forfeited		(345,234	)		0.86		-		-		-
Exercised		(54,681	)		0.76		-		-		-
Outstanding as of December 31, 2023		892,126			0.78		0.55		0.39		-
Expected to be vested as of December 31, 2023		892,126			0.78		0.55		0.39		-

The following table sets forth the activities of Restricted Share Units for the year ended December 31, 2023:

	Number of Restricted Share Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
				US$		US$				US$
Outstanding as of January 1, 2023		6,000,000			0.00		0.28		N/A		4,832,196
Granted		9,184,482			0.01		-		-		-
Forfeited		-			-		-		-		-
Exercise		(138,074	)		-		-		-		-
Outstanding as of December 31, 2023		15,046,408			0.01		0.55		N/A		7,584,563
Expected to be vested as of December 31, 2023		7,698,823			0.01		0.55		N/A		-

Schedule of Lock-up Period

The Lock-up period is specified as below:

Lock-up Period of the relevant percentage of the option	Cap of vested Share Unit
After 6 months since the vesting date		20	%
After 12 months since the vesting date		50	%
After 18 months since the vesting date		100	%

Schedule of Key Assumptions are Listed

The key assumptions are listed as follows:

	2023			2022			2021
Expected volatility		24.00	%		25.00	%		24.74%-25.00	%
Risk-free interest rate (per annum)		5.02	%		2.50%-2.80	%		2.47%-2.53	%
Exercise multiple		2.80			2.50-2.80			2.50-2.80
Expected dividend yield		0.00	%		0.00	%		0.00	%
Expected term(in years)		10			10			10
Fair value of the underlying ordinary share	US$	0.43-US$0.83		US$	1.86		US$	0.88-US$1.49

Share-Based Compensation (Details) - Schedule of Lock-up Period	12 Months Ended
	Dec. 31, 2023
After 6 Months Since the Vesting Date [Member]
Schedule of Lock-up Period [Line Items]
Lock-up Period of the relevant percentage of the option	20.00%
After 12 Months Since the Vesting Date [Member]
Schedule of Lock-up Period [Line Items]
Lock-up Period of the relevant percentage of the option	50.00%
After 18 Months Since the Vesting Date [Member]
Schedule of Lock-up Period [Line Items]
Lock-up Period of the relevant percentage of the option	100.00%

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net [Abstract]

Intangible Assets, Net

10.

Intangible Assets, Net

Intangible assets, net consist of the following:

	Amortization
	Period (years)	December 31, 2023			December 31, 2022
Franchise right - authorized by THRI	20		70,827,000			69,646,000
Franchise right – authorized by PLK	20		37,392,202			-
Franchise right - upfront franchise fees	2-12		78,090,549			51,035,322
Less: accumulated amortization			(38,861,509	)		(24,663,009	)

Intangible assets, net			147,448,242			96,018,313

On March 30, 2023, the Company acquired the exclusive franchise right authorized by PLK, and is authorized to develop and operate stores branded “Popeyes” throughout the Chinese Mainland and Macau, US$5,279,371 was recognized as franchise right authorized by PLK with 20-year amortization period (see Note 3).

Amortization of intangible assets is charged to Store depreciation and amortization and Franchise and royalty expenses as follows:

	Year ended December 31, 2023		Year ended December 31, 2022
Store depreciation and amortization		7,350,532		5,606,317
Franchise and royalty expenses		6,762,338		3,712,684
Total		14,112,870		9,319,001

The estimated future amortization expenses related to the intangible assets are set forth as follows:

Year ended December 31, 2024			18,973,236
2025			18,630,192
2026			17,362,510
2027			14,243,307
2028			11,234,343
Thereafter			67,004,654
			147,448,242

Segment reporting (Details) - Schedule of Consolidated Loss Before Income Tax - Reportable Segment [Member]	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Schedule of Consolidated Loss Before Income Tax [Line Items]
Segment loss before income taxes-	¥ (597,868,574)
Service expenses incurred at headquarter	(38,837,164)
Share-based compensation	(64,476,991)
Interest income	14,249,793
Interest expense	(20,425,644)
Foreign currency transaction loss	(16,771,124)
Changes in fair value of Deferred Contingent consideration	(26,106,460)
Changes in fair value of convertible notes	(58,280,908)
Changes in fair value of warrant liabilities	(83,966,126)
Changes in fair value of ESA derivative liabilities	19,654,006
Loss before income taxes	¥ (872,829,192)

Segment reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Income Taxes or Other Non Operating Items Segments

The Company does not allocate service expenses incurred in the headquarter, share-based compensation, income taxes or other non operating items to segments. The Company didn’t include assets information in the segment disclosure since no asset information provided to the CODM.

	For the year ended December 31, 2023
	Tim Hortons			Popeyes			Totals
Revenues		1,560,005,807			15,774,373			1,575,780,180
Company owned and operated store costs and expenses		1,454,278,517			23,384,730			1,477,663,247
Segment loss before income taxes		(564,610,851	)		(33,257,723	)		(597,868,574	)
Other significant noncash items:
Depreciation and amortization		163,154,711			2,749,861			165,904,572
Loss on disposal of property and equipment		16,404,477			-			16,404,477
Provision for Inventories write-down		11,589,111			-			11,589,111
Impairment on long-live assets		111,426,961			-			111,426,961

Schedule of Consolidated Loss Before Income Tax

The following is reconciliation of reportable segment loss before tax to the Company’s consolidated loss before income tax. No additional reconciliation of reportable segment revenue since no further reconciliation item between the Company’s consolidated total revenue and segment revenue. There was only one reportable segment for the years ended December 31, 2022 and 2021.

	For the year ended December 31, 2023

Segment loss before income taxes-		(597,868,574	)
Service expenses incurred at headquarter		(38,837,164	)
Share-based compensation		(64,476,991	)
Interest income		14,249,793
Interest expense		(20,425,644	)
Foreign currency transaction loss		(16,771,124	)
Changes in fair value of Deferred Contingent consideration		(26,106,460	)
Changes in fair value of convertible notes		(58,280,908	)
Changes in fair value of warrant liabilities		(83,966,126	)
Changes in fair value of ESA derivative liabilities		19,654,006
Loss before income taxes		(872,829,192	)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Non-Current Liabilities [Abstract]

Schedule of Other Non-Current Liabilities

Other non-current liabilities consist of the following:

	December 31, 2023		December 31, 2022
Asset retirement obligations		8,682,186		7,658,309
Others		214,072		261,643
		8,896,258		7,919,952

Fair Value Measurement (Details)	12 Months Ended
Fair Value Measurement (Details)	Dec. 31, 2023 CNY (¥)
Fair Value Disclosures [Abstract]
Fair value asset	¥ 19,663,421

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax [Abstract]

Schedule of Loss before Income Taxes

The components of loss before income taxes are as follows:

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2021
Chinese Mainland		(627,881,824	)		(506,323,501	)		(371,992,927	)
Hong Kong S.A.R and overseas entities		(244,947,368	)		(238,424,750	)		(10,936,239	)
Total		(872,829,192	)		(744,748,251	)		(382,929,166	)

Schedule of Income Tax Expense

The components of income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows:

	Year ended December 31,
	2023		2022		2021

Current income tax expense
- Chinese Mainland		97,241		-		-
- Others		-		-		-
Total current tax provision		97,241		-		-

Deferred income tax expense
- The PRC, excluding Hong Kong		-		-		-
- Others		-		-		-
Total deferred tax expense		-		-		-

Total income tax expense		97,241		-		-

Schedule of Income Tax Rate

Reconciliation of the differences between PRC statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2023, 2022 and 2021 are as follows:

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2021
PRC statutory tax rate		(25.0	)%		(25.0	)%		(25.0	)%
Effect of tax rate differential for non-PRC entities		7.1	%		7.9	%		0.7	%
Effect of non-deductible expenses		0.6	%		0.1	%		0.3	%
Change in valuation allowance		17.3	%		17.0	%		24.0	%

Actual income tax rate		-			-			-

Schedule of Deferred Income Tax Assets

Deferred income tax assets

	December 31, 2023			December 31, 2022
Operating losses carryforwards		362,722,196			238,086,013
Contract liabilities		53,518			4,060,385
Impairment losses		28,851,871			1,969,902
Advertising expenses		4,794,938			-
Operating lease liabilities		227,141,621			250,179,307
Other current liabilities		39,749,439			27,925,076
Software		2,776,777			428,758

Total gross deferred tax assets		666,090,360			522,649,441
Less: valuation allowances		(426,347,838	)		(275,431,351	)

Deferred tax assets, net of valuation allowance		239,742,522			247,218,090

Right-of-use assets		(212,269,774	)		(236,718,196	)
Other capitalized expense		(27,472,748	)		(10,499,894	)
Deferred tax liability		(239,742,522	)		(247,218,090	)


Deferred tax assets		239,742,522			247,218,090
Deferred tax liabilities		(239,742,522	)		(247,218,090	)
Net deferred tax assets		-			-

Schedule of Changes in Valuation Allowance

Changes in valuation allowance are as follows:

	December 31, 2023			December 31, 2022
Balance at the beginning of the year		275,431,351			149,094,206
Increases in the year		152,562,669			126,337,145
Decreases in the year		(1,646,182	)		-

Balance at the end of the year		426,347,838			275,431,351

Other Income (Details) - Schedule of Other Income - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Other Income [Abstract]
Government grants	¥ 9,945,338	¥ 5,996,537	¥ 3,319,871
Others	1,906,503	1,155,918	156,000
Total other income	¥ 11,851,841	¥ 7,152,455	¥ 3,475,871

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2023 store company
Description of Business [Line Items]
Initial contractual term	20 years
Extension term	10 years
Number of Horton stores	912
Number of owned and operated stores (in company) \| company	629
Shanghai [Member]
Description of Business [Line Items]
Number of stores	212
Beijing [Member]
Description of Business [Line Items]
Number of stores	83
Hangzhou [Member]
Description of Business [Line Items]
Number of stores	56
Shenzhen [Member]
Description of Business [Line Items]
Number of stores	29
Nanjing [Member]
Description of Business [Line Items]
Number of stores	26
Wuhan [Member]
Description of Business [Line Items]
Number of stores	25
Guangzhou [Member]
Description of Business [Line Items]
Number of stores	24
Chengdu [Member]
Description of Business [Line Items]
Number of stores	155
Popeyes in PRC [Member]
Description of Business [Line Items]
Number of stores	10
Owned and Operated Stores [Member]
Description of Business [Line Items]
Number of stores	629
franchised Stores [Member]
Description of Business [Line Items]
Number of stores	291

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Non-Current Liabilities [Abstract]

Other non-current liabilities

19.

Other non-current liabilities

Other non-current liabilities consist of the following:

	December 31, 2023		December 31, 2022
Asset retirement obligations		8,682,186		7,658,309
Others		214,072		261,643
		8,896,258		7,919,952

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Loss Per Share [Abstract]

Schedule of Net Loss Per Share

Basic and diluted losses per ordinary share for the years ended December 31, 2023, 2022 and 2021 are calculated as follow. Upon the completion of Merger Transaction (see Note 2), the basic and diluted weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - basic and diluted was retrospectively adjusted to reflect the share split for the years ended December 31, 2023, 2022 and 2021, respectively.

	As of and for the year ended December 31,
	2023			2022			2021
Numerator:
Net loss attributable to shareholders of the Company		(876,250,383	)		(742,645,232	)		(381,721,019	)

Denominator:
Basic and diluted weighted average number of ordinary shares		154,188,667			128,096,505			121,582,945

Basic and diluted loss per ordinary share (in RMB)		(5.68	)		(5.80	)		(3.14	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following securities were excluded from the computation of diluted net loss per share because their effective would have been anti-dilutive or for which the contingent condition had not been met at the end of the period:

	For the Years Ended December 31,
	2023		2022		2021

Warrants		-		22,900,000		-
Earn-out Shares		14,000,000		14,000,000		-
Original Option Units		8,274,240		8,217,559		7,850,915
Additional Option Units		326,860		374,334		270,527
RSU		3,242,133		1,738,338		1,738,338
Liability-settled share-based payment to non-employee		200,000		200,000		-
Convertible notes		7,156,541		6,752,041		6,752,041

Loss Per Share

12 Months Ended

Dec. 31, 2023

Loss Per Share [Abstract]

Loss Per Share

25.

Loss Per Share

	As of and for the year ended December 31,
	2023			2022			2021
Numerator:
Net loss attributable to shareholders of the Company		(876,250,383	)		(742,645,232	)		(381,721,019	)

Denominator:
Basic and diluted weighted average number of ordinary shares		154,188,667			128,096,505			121,582,945

Basic and diluted loss per ordinary share (in RMB)		(5.68	)		(5.80	)		(3.14	)

For the year ended December 31, 2023, the calculation of basic loss per ordinary shares excludes 1,400,000 unvested Earn-in Shares owned by the Sponsor of SPAC that would only be vested upon the Company’s future share price reaching certain price thresholds.

	For the Years Ended December 31,
	2023		2022		2021

Warrants		-		22,900,000		-
Earn-out Shares		14,000,000		14,000,000		-
Original Option Units		8,274,240		8,217,559		7,850,915
Additional Option Units		326,860		374,334		270,527
RSU		3,242,133		1,738,338		1,738,338
Liability-settled share-based payment to non-employee		200,000		200,000		-
Convertible notes		7,156,541		6,752,041		6,752,041

Convertible Notes, at Fair Value (Details)		1 Months Ended	12 Months Ended
Convertible Notes, at Fair Value (Details)	Dec. 10, 2021 USD ($)	Sep. 30, 2022	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)	Apr. 30, 2023 $ / shares	Dec. 31, 2022 USD ($) $ / shares
Convertible Notes, at Fair Value [Line Items]
Proceeds from Convertible Debt \| ¥					¥ 312,092,172
Convertible notes adjusted per share							$ 10.85
Debt Instrument, Convertible, Adjusted Conversion Price							10.85	$ 10.85
Convertible Debt [Member]
Convertible Notes, at Fair Value [Line Items]
Debt Instrument, Face Amount \| $	$ 50,000,000
Debt Instrument Discount Rate	2.00%
Proceeds from Convertible Debt \| $	$ 49,000,000
Convertible notes adjusted per share							$ 11.5	$ 11.5
Expected Term of Occurrence of Merger Transaction	24 months
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed			102.00%
Unpaid Principal Balance of Convertible Notes			¥ 354,135,000	348,230,000		$ 50,000,000		$ 50,000,000
Fair Value, Option, Aggregate Differences, Long-Term Debt Instruments			66,577,380	5,850,264		$ 9,400,000		$ 840,000
Fair Value, Option, Credit Risk, Gains (Losses) on Assets \| ¥			¥ 2,116,740	¥ 1,520,393
Prior to \| Convertible Debt [Member]
Convertible Notes, at Fair Value [Line Items]
Debt Instrument, Interest Rate During Period		7.00%
Debt Instrument, Payment in Kind Interest Rate		9.00%
After \| Convertible Debt [Member]
Convertible Notes, at Fair Value [Line Items]
Debt Instrument, Interest Rate During Period		10.00%
Debt Instrument, Payment in Kind Interest Rate		12.00%

Loss Per Share (Details) - Schedule of Antidilutive - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Warrants [Member]
Schedule of Antidilutive [Line Items]
Share excluded from the calculation of diluted net loss per ordinary share		22,900,000
Earn-out Shares [Member]
Schedule of Antidilutive [Line Items]
Share excluded from the calculation of diluted net loss per ordinary share	14,000,000	14,000,000
Original Option Units [Member]
Schedule of Antidilutive [Line Items]
Share excluded from the calculation of diluted net loss per ordinary share	8,274,240	8,217,559	7,850,915
Additional Option Units [Member]
Schedule of Antidilutive [Line Items]
Share excluded from the calculation of diluted net loss per ordinary share	326,860	374,334	270,527
RSU [Member]
Schedule of Antidilutive [Line Items]
Share excluded from the calculation of diluted net loss per ordinary share	3,242,133	1,738,338	1,738,338
Liability-settled share-based payment to non-employee [Member]
Schedule of Antidilutive [Line Items]
Share excluded from the calculation of diluted net loss per ordinary share	200,000	200,000
Convertible Notes Payable [Member]
Schedule of Antidilutive [Line Items]
Share excluded from the calculation of diluted net loss per ordinary share	7,156,541	6,752,041	6,752,041

Fair Value Measurement (Details) - Schedule of Assumptions - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Convertible notes [Member]
Fair Value Measurement (Details) - Schedule of Assumptions [Line Items]
Expected volatility	22.00%	28.00%
Risk-free interest rate (per annum)	4.00%	4.10%
Expected dividend yield	0.00%	0.00%
Fair value of the underlying ordinary share (in Dollars per share)	$ 1.75	$ 2.78
Bond yield	10.60%	13.30%
Discount rate
Annual per store revenue growth rate
Liability-settled share-based payment to non-employee [Member]
Fair Value Measurement (Details) - Schedule of Assumptions [Line Items]
Expected volatility	64.00%	26.00%
Risk-free interest rate (per annum)	5.23%	4.39%
Expected dividend yield	0.00%	0.00%
Fair value of the underlying ordinary share (in Dollars per share)	$ 1.75	$ 2.78
Bond yield
Discount rate
Annual per store revenue growth rate
Deferred contingent consideration [Member]
Fair Value Measurement (Details) - Schedule of Assumptions [Line Items]
Expected volatility	22.00%
Risk-free interest rate (per annum)	4.20%
Expected dividend yield	0.00%
Fair value of the underlying ordinary share (in Dollars per share)	$ 1.75
Bond yield
Discount rate	23.00%
Annual per store revenue growth rate	2.00%
ESA derivative liabilities [Member]
Fair Value Measurement (Details) - Schedule of Assumptions [Line Items]
Expected dividend yield		0.00%
Fair value of the underlying ordinary share (in Dollars per share)		$ 2.78
Bond yield
ESA derivative liabilities [Member] \| Minimum [Member]
Fair Value Measurement (Details) - Schedule of Assumptions [Line Items]
Expected volatility		18.00%
Risk-free interest rate (per annum)		4.05%
ESA derivative liabilities [Member] \| Maximum [Member]
Fair Value Measurement (Details) - Schedule of Assumptions [Line Items]
Expected volatility		26.00%
Risk-free interest rate (per annum)		4.62%
Warrants liabilities [Member]
Fair Value Measurement (Details) - Schedule of Assumptions [Line Items]
Expected volatility		26.00%
Risk-free interest rate (per annum)		4.07%
Expected dividend yield		0.00%
Fair value of the underlying ordinary share (in Dollars per share)		$ 2.78
Bond yield

Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax [Abstract]

Income tax

23.

Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to income tax on income or capital gains. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiary is subject to Hong Kong profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong. The first HK$2 million of assessable profits earned by a company will be taxed at 8.25% whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the Company to benefit from the progressive rates.

No provision for Hong Kong profits tax has been made in the financial statements as the subsidiary in Hong Kong has no assessable profits for the years ended December 31, 2023, 2022 and 2021.

The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced income) Bill 2022 (“the new FSIE regime”) has been enacted in Hong Kong on December 14, 2022 and will have effect from January 1, 2023 onwards. This is to address the European Union’s inclusion of Hong Kong in the “grey list” in concern of any risk of double non-taxation arising from the tax exemption of offshore passive income for companies in Hong Kong without substantial economic substance. From January 1, 2023, offshore passive income (including interest income, dividend income or gain on disposal of equity interest (where applicable)), that is received or deemed to be received in Hong Kong, would need to meet additional requirements, including, amongst others, the economic substance requirements in order to continue to be entitled to the offshore income tax exemption in Hong Kong.

Chinese Mainland

The Company’s subsidiaries in Chinese Mainland are subject to the PRC Corporate Income Tax Law (“CIT Law”) and are taxed at the statutory income tax rate of 25%, unless a preferential income tax rate is otherwise stipulated.

The components of loss before income taxes are as follows:

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2021
Chinese Mainland		(627,881,824	)		(506,323,501	)		(371,992,927	)
Hong Kong S.A.R and overseas entities		(244,947,368	)		(238,424,750	)		(10,936,239	)
Total		(872,829,192	)		(744,748,251	)		(382,929,166	)

The components of income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows:

	Year ended December 31,
	2023		2022		2021

Current income tax expense
- Chinese Mainland		97,241		-		-
- Others		-		-		-
Total current tax provision		97,241		-		-

Deferred income tax expense
- The PRC, excluding Hong Kong		-		-		-
- Others		-		-		-
Total deferred tax expense		-		-		-

Total income tax expense		97,241		-		-

Reconciliation of the differences between PRC statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2023, 2022 and 2021 are as follows:

	Year ended December 31, 2023			Year ended December 31, 2022			Year ended December 31, 2021
PRC statutory tax rate		(25.0	)%		(25.0	)%		(25.0	)%
Effect of tax rate differential for non-PRC entities		7.1	%		7.9	%		0.7	%
Effect of non-deductible expenses		0.6	%		0.1	%		0.3	%
Change in valuation allowance		17.3	%		17.0	%		24.0	%

Actual income tax rate		-			-			-

Deferred income tax assets

	December 31, 2023			December 31, 2022
Operating losses carryforwards		362,722,196			238,086,013
Contract liabilities		53,518			4,060,385
Impairment losses		28,851,871			1,969,902
Advertising expenses		4,794,938			-
Operating lease liabilities		227,141,621			250,179,307
Other current liabilities		39,749,439			27,925,076
Software		2,776,777			428,758

Total gross deferred tax assets		666,090,360			522,649,441
Less: valuation allowances		(426,347,838	)		(275,431,351	)

Deferred tax assets, net of valuation allowance		239,742,522			247,218,090

Right-of-use assets		(212,269,774	)		(236,718,196	)
Other capitalized expense		(27,472,748	)		(10,499,894	)
Deferred tax liability		(239,742,522	)		(247,218,090	)


Deferred tax assets		239,742,522			247,218,090
Deferred tax liabilities		(239,742,522	)		(247,218,090	)
Net deferred tax assets		-			-

As of December 31, 2023, the Company had net operating loss carry forwards of RMB1,450,352,814 attributable to the PRC subsidiaries. Tax losses of the subsidiaries in PRC of RMB46,662,524, RMB80,877,739, RMB408,283,501, RMB381,621,748 and RMB532,907,302 will expire, if unused, by year 2024, 2025, 2026, 2027 and 2028 respectively.

A valuation allowance is provided against deferred income tax assets when the Company determines that it is more-likely-than-not that the deferred income tax assets will not be utilized in the foreseeable future. In making such determination, the Company evaluates a variety of factors including the Company’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods.

As of December 31, 2023 and 2022, the valuation allowance of RMB426,347,838 and RMB275,431,351 were mainly related to the deferred income tax assets of the PRC entities which were in loss position. Since these entities have incurred accumulated net operating losses for income tax purposes since their inception, the Company has provided full valuation allowance for the net deferred income tax assets as of December 31, 2023 and 2022.

Changes in valuation allowance are as follows:

	December 31, 2023			December 31, 2022
Balance at the beginning of the year		275,431,351			149,094,206
Increases in the year		152,562,669			126,337,145
Decreases in the year		(1,646,182	)		-

Balance at the end of the year		426,347,838			275,431,351

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100 thousand. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiaries for the years from establishment (i.e., 2018) to 2023 are open to examination by the PRC tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Parent Only Financial Information (Details) - Scheduel of Condensed Statements of Cash Flows - Parent Company [Member] - Reportable Legal Entities [Member] - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	¥ (33,401,467)	¥ (7,345,572)	¥ (1,122,560)
Net cash provided by (used in) investing activities	53,570,674	(895,671,288)	(294,289,816)
Net cash provided by (used in) financing activities	(46,058,129)	621,610,726	597,662,648
Effect of foreign currency exchange rate changes on cash	(1,263,825)	(2,424,651)	2,788,102
Net (decrease) / increase in cash	(27,152,747)	(283,830,785)	305,038,374
Cash and cash equivalents at beginning of the year	29,472,174	313,302,959	8,264,585
Cash and cash equivalents at end of the year	¥ 2,319,427	29,472,174	313,302,959
Supplemental disclosure of non-cash investing and financing activities:
Accrued offering costs paid by subsidiaries of TH International Limited		¥ 4,039,468	¥ 3,623,684

Fair Value Measurement (Details) - Schedule of Reconciliation from Opening Balances - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at beginning
Additions	65,968,319
Changes in fair value, excluding impact of instrument-specific credit risk	26,106,460
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment	2,125,131
Exercise of Public and Private warrants
Settlement of Liability-settled share-based payment to employee
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement
Balance at ending	94,199,910
Convertible notes [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at beginning	354,080,264	318,466,215
Additions			312,092,172
Changes in fair value, excluding impact of instrument-specific credit risk	58,280,908	4,493,605	5,577,001
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk	2,116,740	1,520,393	548,029
Foreign currency translation adjustment	6,234,468	29,600,051	249,013
Exercise of Public and Private warrants
Settlement of Liability-settled share-based payment to employee
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement
Balance at ending	420,712,380	354,080,264	318,466,215
Short-term investments [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at beginning	372,375,701
Additions		370,242,173
Changes in fair value, excluding impact of instrument-specific credit risk	3,584,872	2,133,528
Realized gain recognized in interest income	(5,718,400)
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment	(944,458)
Exercise of Public and Private warrants
Settlement of Liability-settled share-based payment to employee
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement	(369,297,715)
Balance at ending		372,375,701
Warrant liabilities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at beginning	19,083,004
Changes in fair value, excluding impact of instrument-specific credit risk	83,966,126
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment	2,882,251
Exercise of Public and Private warrants	(105,931,381)
Settlement of Liability-settled share-based payment to employee
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement
Balance at ending		19,083,004
ESA derivative liabilities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at beginning	269,251,436
Additions		88,172,680
Changes in fair value, excluding impact of instrument-specific credit risk	(19,654,006)	186,598,308
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment	(126,498)	(5,519,552)
Exercise of Public and Private warrants
Settlement of Liability-settled share-based payment to employee
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement	(249,470,932)
Balance at ending		269,251,436
Liability-settled share-based payment to non-employee [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at beginning	4,039,468
Additions		11,519,334
Changes in fair value, excluding impact of instrument-specific credit risk	(1,386,708)	(7,390,032)
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment	180,320	(89,834)
Exercise of Public and Private warrants
Settlement of Liability-settled share-based payment to employee
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement
Balance at ending	2,833,080	4,039,468
Warrant liabilities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Balance at beginning	¥ 19,083,004
Additions		65,418,439
Changes in fair value, excluding impact of instrument-specific credit risk		(45,903,468)
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment		(431,967)
Balance at ending		¥ 19,083,004

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Basis of Preparation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the financial statements of TH International Limited and its subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. For consolidated subsidiary where the ownership in the subsidiary is less than 100%, the equity interest not held by the Company is shown as non-controlling interests.

These consolidated financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists.

The Company has incurred losses since its inception. The Company incurred net losses of RMB873 million, RMB745 million and RMB383 million for the years ended December 31, 2023, 2022 and 2021 respectively. For the year ended December 31, 2023, the Company had net operating cash outflow of RMB196 million. As of December 31, 2023, the Company’s net current liabilities and accumulated losses were RMB937 million and RMB2,256 million, respectively. The Company will require additional liquidity to continue its operations over the next 12 months

Historically, the Company had relied principally on proceeds from the issuance of ordinary shares, long-term convertible notes and bank borrowings to finance its operations and business expansion. The Company has evaluated plans to continue as a going concern which include, but are not limited to, (i) reducing discretionary capital and operating expenses (ii) obtaining additional facilities from banks and renewal of existing bank borrowings (iii) obtaining financial support from controlling shareholder and related parties (iv) exploring opportunities for further equity or equity-linked financing. Notwithstanding this, feasibility of some of these plans is contingent upon factors outside of the control of the Company and, as such, the Company concluded that substantial doubt about its ability to continue as a going concern has not been alleviated as of the reporting date.

The consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

Fiscal Calendar

The Company’s fiscal year is from January 1 to December 31.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions including the incremental borrowing rate, net realizable value of inventories, fair value of long-lived assets, share-based compensation arrangements, earn-in shares, earn-out shares, liability-settled share-based payment to non-employee, ESA derivative liabilities, warrant liabilities, convertible notes and Deferred Contingent consideration.

Foreign Currency Transaction and Translation

The Company’s reporting currency is Chinese Renminbi Yuan (“RMB”). The functional currency of TH International Limited and its wholly-owned subsidiaries incorporated in Hong Kong is United States Dollars (“US$"). The functional currency of the Company’s PRC subsidiaries is RMB.

Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded in foreign currency transaction gain or loss in the Consolidated Statements of Operations.

The financial statements of TH International Limited and its wholly-owned subsidiaries incorporated in Hong Kong are translated from US$ into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than deficits generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income (loss) in the Consolidated Statements of Comprehensive Loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income in the Consolidated Balance Sheets.

Risks and Concentration

Foreign exchange risk

As the Company’s principal activities are carried out in PRC, the Company’s transactions are mainly denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions involving RMB must take place through the People’ Bank of China or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the People’ Bank of China that are determined largely by supply and demand.

The management does not expect that there will be any significant currency risk for the Company during the reporting periods.

Concentration of credit risk

The Company’s credit risk primarily arises from cash and cash equivalents, time deposits, short-term investments, prepaid expenses and other current assets and accounts receivable. The bank deposits, including term deposits, with financial institutions in the mainland of the PRC and Hong Kong Special Administrative Region (“HKSAR”) are insured by the government authorities up to RMB500,000 and HKD500,000, respectively. Total bank deposits are insured by the government authority with amounts up to RMB17,207,785 and RMB11,631,710 as of December 31, 2023 and December 31, 2022, respectively.

The Company expects that there is no significant credit risk associated with the cash and cash equivalents, time deposits and short-term investments which are held by reputable financial institutions. The Company believes that it is not exposed to unusual risks as these financial institutions have high credit quality.

The Company has no significant concentrations of credit risk with respect to its prepaid expenses and other current assets.

Accounts receivable are unsecured and are primarily derived from revenue earned from sub-franchisees and wholesale customers. The risk with respect to accounts receivable is mitigated by credit evaluations performed on them.

Concentration of operating risk

The Company owns, operates and franchises stores in the PRC, including Hong Kong and Macau under the “Tim Hortons” and “Popeyes” brand. Such business activities are solely dependent upon its master development agreement with THRI. The Company’s failure to comply its master development agreement with THRI would have a material adverse effect on its financial condition, results of operations, and cash flows.

Cash and cash equivalents and Time deposits

The Company’s cash and cash equivalents consist of cash on hand, cash held in banks, time deposits which are less than three-months or highly liquid investments. For time deposits which are longer than three-months but less than twelve-months, the Company recorded them in the time deposits account.

Cash and cash equivalents and time deposit are deposited in financial institutions at below locations:

	December 31, 2023		December 31, 2022

Cash on hand		517,065		212,598

Financial institutions in Mainland China
—Denominated in RMB		121,237,473		102,427,994
—Denominated in USD		86,161,529		69,063,161
Total balance of cash and cash equivalents and time deposits held at Mainland China financial institutions		207,399,002		171,491,155

Financial institutions in HKSAR
—Denominated in RMB		4,739		5,192
—Denominated in USD		12,831,286		67,368,485
Total balance of cash held at the HKSAR financial institutions		12,836,025		67,373,677

Total balance of cash and cash equivalents and time deposits held at financial institutions		220,235,027		238,864,832
Total balance of cash and cash equivalents and time deposits		220,752,092		239,077,430

Revenue Recognition

The Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, since its incorporation. The Company’s revenues are mainly generated from sales of food, beverage and packaged products by Company owned and operated stores, franchise fees, revenues from other franchise support activities and revenue from e-commerce sales and wholesale products.

Sales of food, beverage and packaged products by Company owned and operated stores

The Company generates majority of its revenue from sales of food, beverage and packaged products to customers by Company owned and operated stores. The revenue amounts exclude sales-related taxes.

For customers who visit the Company’s stores, sales revenue is recognized when Company satisfies its obligation by transferring control of the good to the customer.

The Company also offers its customers food, beverage and packaged products through third-party aggregators’ platforms. When orders are completed by the stores and control of the food, beverage and packaged products is transferred to the delivery staff of third-party aggregators, which control and determine the price for the delivery service, the Company recognizes revenue, excluding delivery fees.

Franchise fees

Franchise fees primarily include upfront franchise fees, continuing fees and revenue from advertising services.

The Company grants franchise rights to sub-franchisees in exchange for upfront franchise fees and continuing fees. The Company recognizes upfront franchise fees received from a sub-franchisee as revenue over the term of the franchise agreement because the franchise rights are accounted for as rights to access the Company’s symbolic intellectual property in accordance with ASC 606. The Company recognizes continuing fees, which are based upon a percentage of sub-franchisee sales, as those sales occur.

For advertising services, the Company often engages third parties to provide services and acts as a principal in the transaction based on its responsibilities of defining the nature of the services and administering and directing all marketing and advertising programs in accordance with the provisions of the Company’s franchise agreements. The Company collects advertising contributions, which are generally based on certain percentage of sales from sub-franchisees. Advertising services provided to sub-franchisees are highly interrelated to franchise right, and are not considered individually distinct. The Company recognizes revenue from advertising services when the related sales occur.

Revenues from other franchise support activities

Other franchise support activities mainly consist of sales of kitchen equipment, raw materials for food, beverage and packaged products and provision of pre-opening and training services to sub-franchisees. These support activities provide stand-alone benefits to the sub-franchisees which are separate from the franchise right and are considered as distinct performance obligations of the Company. The Company recognizes revenue of these sales when kitchen equipment or products are delivered to and accepted by the sub-franchisees and services over the period of time when services are provided, respectively, at the amount that the Company is entitled to receive in exchange.

Loyalty program

The Company operates a loyalty program that allows registered members to earn points for each qualifying purchase. Points, which generally expire 12 months after being earned, may be redeemed for future purchases of products for free or at a discounted price in Company owned and operated stores. Points cannot be redeemed or exchanged for cash. The Company defers revenue associated with the estimated selling price of the points earned by the loyalty program members, as contract liabilities on the Consolidated Balance Sheets. The Company subsequently recognizes revenue when the points are redeemed or expired. The Company estimates the value of the product for which points are expected to be redeemed and redemption patterns, including an estimate of the breakage for points that members will never redeem. The Company reviews the estimated value of points at least annually based upon the latest available information regarding redemption and expiration patterns.

Revenue from e-commerce sales and wholesale products

The Company generates revenue from e-commerce sales, consisting of sale of packaged coffee, tea beverages and single-serve coffee and tea products to customers through third-party e-commerce platforms. The Company recognizes revenue when the control of the goods is transferred to the customers, which occurs upon the delivery of goods.

Beginning from year 2022, the Company generated revenue from wholesale of canned coffee beverage and packaged coffee extract.

Accounts receivable and current expected credit losses

Accounts receivable primarily consist of receivables from sub-franchisees and wholesale customers which are recognized and carried at the original invoice amount less an allowance for doubtful accounts. Accounts receivable are presented net of allowance for credit losses.

The Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13) on January 1, 2023 (ASC326). ASC 326 requires the measurement and recognition of expected credit losses using the current expected credit losses (CECL) model for financial assets held at amortized cost, which includes the Company’s accounts receivable, receivables from payment processors and aggregators and short-term deposits including in other current assets, other non-current assets and other financial assets. Expected credit losses include losses expected based on known credit issues with specific customers as well as a general expected credit loss allowance based on relevant information, including historical loss rates, current conditions, and reasonable economic forecasts that affect collectability. The Company updates allowance for credit losses on a quarterly basis with changes in the allowance recognized in the consolidated statements of comprehensive loss. Prior to the adoption of ASC 326 on January 1, 2023, the Company maintained a general and specific allowance for doubtful accounts for estimated losses based on the aging of the receivables and factors surrounding the credit risk of specific sub-franchisees and wholesale customers.

Accounts receivable balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2023 and 2022, the Company has an allowance for doubtful accounts balance of RMB4.96 million and RMB2.36 million respectively. As of December 31, 2023 and 2022, the Company do not have off-balance-sheet credit exposure related to its sub-franchisees and wholesale customers.

Receivables from Payment Processors and Aggregators

Receivables from payment processors such as WeChat and Alipay and aggregators are amounts due from them for clearing transactions and are included in prepaid expenses and other current assets. The cash was paid by customers through these payment processors and aggregators for food and goods provided by the Company. The Company considers and monitors the credit worthiness of the third-party payment processors and aggregators. An allowance for doubtful accounts is recorded using the current expected credit losses(CECL) model. Receivable balances are written off after all collection efforts have been exhausted and the potential for recovery is considered remote.

Deferred Offering Costs

Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the proposed offering and that would be charged to shareholders’ equity upon the completion of the proposed offering. Should the proposed offering prove to be unsuccessful, these deferred offering costs will be charged to the Consolidated Statements of Operations.

Inventories

Inventories are stated at the lower of cost (determined by the first-in, first-out method) and net realizable value. Net realizable value is the estimated selling price of the inventory in the ordinary course of business less reasonably predictable costs of disposal. Adjustments are recorded in the cost of revenues to write down the carrying amount of any obsolete and excess inventory to its estimated net realizable value based on historical and forecasted demand.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and impairment, if any. The Company calculates depreciation and amortization on a straight-line basis over the estimated useful lives of the assets as follows: 3 to 15 years for furniture and office equipment, 4 to 12 years for kitchen equipment, 3 to 5 years for capitalized software costs, and shorter of the estimated useful lives and remaining lease term for leasehold improvements. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized.

The Company capitalizes items associated with construction but not yet placed into service, as construction in progress (CIP). Items capitalized include fees associated with the design, build out and furnishing of the stores. Store CIP is not amortized or depreciated until the related assets are ready for intended use. Items are placed into service according to their asset category when the store is open for service.

Internal Development Costs

Capitalized internal costs include payroll expenses related to employees fully dedicated to store construction, decoration design and store site acquisition. Capitalized payroll costs are allocated to each new store location based on the actual time spent on each project. The Company commences capitalizing costs related to construction, decoration design and store site acquisition when it becomes probable that the project will be developed – when the site has been identified and the related profitability assessment has been approved. The internal development costs is recorded in the leasehold improvements when the store is open for service.

Intangible Assets

Intangible assets include the franchise right authorized by THRI and PLK and upfront franchise fees requested to pay to THRI and PLK upon opening of a new store. The franchise right authorized by THRI and PLK is amortized on a straight-line basis over the initial term of 20 years. The upfront franchise fees related to both Company owned and operated stores and franchised stores are capitalized as an intangible asset and amortized on a straight-line basis over the term of each individual franchise agreement, which ranges from 2 to 12 years.

Delivery Costs

Delivery costs are expenses incurred for delivery of food and beverage products sold to customers through third-party aggregator platforms. The Company incurred delivery costs of RMB116,959,484, RMB73,615,391 and RMB38,604,864 for the years ended December 31, 2023, 2022 and 2021, respectively.

Impairment of Long-Lived Assets

The Company reviews long-lived assets (including property and equipment and intangible assets with definite useful lives and operating lease right-of-use (“ROU”) assets for impairment whenever events or changes in circumstances indicate the carrying value of the asset may not be recoverable. For purposes of impairment testing, the company has concluded that each individual store is the lowest level of asset group with independent cash flows. The asset that supports the revenue-producing activities of two or more asset groups is defined as an enterprise asset. The unit of account for testing impairment of an enterprise asset comprises that asset plus the other assets and liabilities that together capture the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

If an indicator of impairment exists for an asset group, an estimate of undiscounted future cash flows generated by the asset group is compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. The impairment losses were RMB111,426,961, RMB7,222,765, RMB1,001,880 for the years ended December 31, 2023, 2023 and 2021, respectively.

Employee Benefits

The Company’s subsidiaries in the PRC participate in a government mandated, multi-employer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Company has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of operations amounted to RMB83,363,011, RMB87,557,303 and RMB60,189,806 for the years ended December 31, 2023, 2022 and 2021, respectively.

Share-Based Compensation

Share-based awards granted to employees and directors in the form of share options and restricted share units are subject to service and performance conditions. They are measured at the grant date fair value of the awards, and are recognized as compensation expense over the service period for the entire award on a graded-vesting basis and when performance conditions are probable of being achieved. The Company elects to recognize the effect of forfeitures in compensation costs when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.

Share-based payment granted to non-employees in the form of ordinary shares are subject to service and performance conditions. They are measured at the fair value of the goods or services received except where the fair value cannot be estimated, in which case it is measured at the fair value of the equity instrument granted. The fair value of the share-based payment to non-employees classified as liability is periodically re-measured until the settlement of the payment, and any change therein is recognized over the period and in the same manner as if the Company had paid cash instead of paying with stock options.

Asset Retirement Obligations

The Company recognizes an asset and a liability for the fair value of an asset retirement obligation (“ARO”) when such an obligation is incurred. The Company’s AROs are primarily associated with leasehold improvements which, at the end of the lease, the Company is contractually obligated to remove in order to comply with the lease agreement. As such, the Company amortizes the asset on a straight-line basis over the lease term and accrete the liability to its nominal value using the effective interest method over the lease term.

Commitments and Contingencies

In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

Non-controlling Interests

The Company reports net loss attributable to non-controlling interests separately on the face of the Consolidated Statements of Operations. The portion of equity attributable to non-controlling interests is reported within equity, separately from the Company’s Shareholders’ equity on the Consolidated Balance Sheets.

Leases

Prior to the adoption of Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”) and subsequent amendments issued by the Financial Accounting Standards Board (“FASB”) on January 1, 2022, operating leases were not recognized on the balance sheet, but rental expense from operating leases that contain rent holidays or scheduled rent increases were recognized on a straight-line basis over the lease term. Contingent rentals based on sales levels in excess of stipulated amounts or solely based on a percentage of the store’s sales, are included in rental expense when attainment of the contingency is considered probable (e.g., when Company sales occur).

The Company adopted ASC 842 on January 1, 2022, using a modified retrospective method for leases that exist at, or are entered into after, January 1, 2022, and has not recast the comparative periods presented in the consolidated financial statements.

Upon adoption of ASC 842, ROU assets and lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. As the rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Company would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China, the Company’s credit rating and lease term.

For operating leases, the Company recognizes a single lease cost on a straight-line basis over the lease term. For rental payments either based on a percentage of the store’s sales in excess of a fixed base amount or solely based on a percentage of the store’s sales, they are recognized as variable lease cost as incurred.

The Company does not have finance leases for the years ended December 31, 2023, 2022 and 2021.

The Company has elected not to recognize ROU assets or lease liabilities for leases with an initial term of 12 months or less; the Company recognizes rental expense for these leases on a straight-line basis over the lease term. In addition, the Company has elected not to separate non-lease components (e.g., common area maintenance fees) from the lease components.

Marketing Expenses

The Company records advertising and promotional costs in the marketing expenses as incurred. The advertising and promotional costs were RMB102,184,771, RMB81,017,100 and RMB50,316,856 for the years ended December 31, 2023, 2022 and 2021, respectively.

Government Subsidies

Government subsidies primarily consist of financial subsidies received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. Government subsidies are recognized when it is probable that the Company will comply with the conditions attached to them, and the subsidies will be received. A government subsidy related to an asset is deferred and recorded in other liabilities and then recognized as other income ratably over the expected useful life of the related asset in the Consolidated Statement of Operations. A government subsidy that compensates the Company for expenses or losses to be incurred in the future is deferred and recorded in other liabilities and recognized as other income in the periods in which the expenses or losses are recognized. Government grant for the purpose of giving immediate financial support to the Company with no future related costs is recognized as other income in the Consolidated Statement of Operations when the grant becomes receivable.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the year in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expenses and penalties in general and administrative expenses.

A valuation allowance to reduce the carrying amount of deferred income tax assets is established when it is more likely than not that the Company will not realize some portion or all of the tax benefit of its deferred income tax assets. The Company evaluates, on a quarterly basis, whether it is more likely than not that its deferred income tax assets are realizable. In performing this analysis, the Company considers all available evidence, both positive and negative, including historical operating results, the estimated timing of future reversals of existing taxable temporary differences, estimated future taxable income exclusive of reversing temporary differences and carryforwards and potential tax planning strategies that may be employed to prevent operating loss or tax credit carryforwards from expiring unused.

Loss Per Share

Basic loss per share represents net loss to shareholders divided by the weighted-average number of ordinary shares outstanding during the year. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares.

Operating Segments

The Company’s chief operating decision maker has been identified as the chief executive officer, who reviews segment results when making decisions about allocating resources and assessing performance of the Company. For the purpose of internal reporting and management’s operation review, the Company has determined that it operates under two reportable segments after the completion of assets acquisition of Popeyes (note 3), one relating to Tim Hortons and the other relating to Popeyes. Prior to 2023, the Company operated Tim Hortons only, and hence identified one reportable segment. For both segments, the Company reports financial information and evaluates the operations of the two segments by revenues, company owned and operated store costs and expenses and segment loss before income taxes. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Fair Value Measurements

The Company applies ASC 820, Fair Value measurements and Disclosures, for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.

ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances.

The Company’s financial instruments primarily include cash and cash equivalents, time deposits, accounts receivable, prepaid expenses and other current assets, short-term investments, bank borrowings-current and bank borrowings, non-current, accounts payable, amount due to related parties, other current liabilities, liability-settled share-based payment to non-employee, derivative financial liabilities and convertible notes. The bank borrowings, non-current approximate their fair values, because these borrowings carry interest rates which approximate rates currently offered by the Company’s bankers for similar debt instruments of comparable maturities. The Company’s convertible notes, liability-settled share-based payment to non-employee and derivative financial liabilities were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. The Company’s short-term investment was measured at fair value using significant observable inputs other than quoted prices and categorized in Level 2 of the fair value hierarchy.

As of December 31, 2023 and 2022, the carrying amounts of other financial instruments approximate their fair value due to their short-term nature.

Statutory Reserve

In accordance with the PRC Company Laws, the paid-in capitals of the PRC subsidiaries are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation.

In addition, in accordance with the PRC Company Laws, the PRC subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. As of December 31, 2023 and 2022, there was no statutory surplus fund and discretionary surplus fund by the Company’s PRC subsidiaries, as these PRC companies were in accumulated losses as determined under PRC GAAP.

As of December 31, 2023, the paid-in capitals of the PRC subsidiaries in the amount of RMB 1,006,561,220 are the Company’s restricted net assets.

Changes In Accounting Principle

The Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, and subsequent amendments to the initial guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11 and ASU 2020-02, collectively referred to as “ASC 326” on January 1, 2023 using the modified retrospective approach. As a result, the Company was not required to adjust its comparative period financial information for effects of the standard or make the new required credit loss allowance disclosures for periods before the date of adoption.

ASC 326 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASC 326 eliminates the probable initial recognition threshold in current GAAP and, instead, reflects an entity’s current estimate of all expected credit losses. The adoption of this standard resulted in a change of the Company’s provision policy primarily for accounts receivable. This adoption did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASC 842, which increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The FASB subsequently issued amendments to clarify the implementation guidance. The Company adopted ASC 842 on January 1, 2022, using a modified retrospective method for leases that exist at, or are entered into after, January 1, 2022, and has not recast the comparative periods presented in the consolidated financial statements.

The Company has elected the package of the transition practical expedients, including (1) not to reassess whether any expired or existing contracts, including land easements that were not previously accounted for as leases, are or contain leases, (2) not to reassess the lease classification for any expired or existing leases, and (3) not to reassess initial direct costs for any existing leases.

The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC 842.

	December 31, 2021			Effect of Adoption			January 1, 2022
	RMB			RMB			RMB

Prepaid expenses and other current assets		142,838,295			(15,272,677	)(a)		127,565,618
Operating lease right-of-use assets		-			853,553,284	(b)		853,553,284
Lease liabilities-current		-			(133,024,693	)(c)		(133,024,693	)
Other current liabilities		(286,078,575	)		4,351,416	(d)		(281,727,159	)
Lease liabilities-non-current		-			(752,579,348	)(c)		(752,579,348	)
Other non-current liabilities		(47,167,706	)		42,972,018	(d)		(4,195,688	)

(a) Represents the current portion of prepaid rental expenses reclassified to operating lease right-of-use assets.

(b) Represents the net result of capitalization of operating lease payments and reclassification of prepaid rental expenses.

(d) Represents the reclassification of current and non-current accrued rental expenses to lease liabilities.

New accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280) which requires public entities to disclose (1) significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker (CODM) and included in each reported measure of segment profit or loss, (2) other segment items by reportable segment, (3) more than one measure of segment profit or loss used by the CODM, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles, (4) CODM’s title and position on both an annual and an interim basis. The standard is effective for the Group from January 1, 2024. The Group is in the process determining the impact of the adoption of this standard on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures (Topic 740). Under the ASU, Public Business Entities must annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate. The standard is effective for the Group from January 1, 2025. The Group is in the process determining the impact of the adoption of this standard on its consolidated financial statements.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net [Abstract]

Property and Equipment, Net

Property and equipment, net, consist of the following:

	December 31, 2023			December 31, 2022
Furniture and office equipment		86,800,904			57,867,896
Kitchen equipment		236,970,298			199,362,443
Software		122,278,784			56,181,672
Leasehold improvements		676,590,372			602,788,920
Construction in progress		6,000,465			22,971,178

Property and equipment, gross		1,128,640,823			939,172,109
Less: accumulated depreciation		(338,293,416	)		(214,000,566	)
Less: accumulated impairment loss		(98,471,484	)		(5,135,573	)

Property and equipment, net		691,875,923			720,035,970

Depreciation and amortization related to property and equipment was RMB151,791,702, RMB124,083,503 and RMB67,512,655 for the years ended December 31, 2023, 2022 and 2021, respectively.

In 2023, the Company conducted impairment tests each quarter end as triggered by underperformance of certain company owned and operated stores and the Company’s plans of store closures, on the recoverability of the related asset groups, comprising store level property and equipment, intangible assets with definite useful lives and operating lease right-of-use (“ROU”) assets. The estimated undiscounted future cash flows generated by certain asset groups were less than their carrying amount, and therefore the fair values of the asset groups were estimated using market approach (see Note 26). The fair value of the asset group was less than its carrying amount, and the carrying amounts of the long-lived assets in the asset group were reduced on a pro-rata basis but no less than the fair value of an individual long- lived asset. The impairment losses were RMB111,426,961, RMB7,222,765 and RMB1,001,880 for the years ended December 31, 2023, 2022 and 2021. All of the impairment losses were relevant to Tim Hortons segment.

The recoverability of the enterprise level asset, primary comprising software and leasehold improvements for office was also evaluated and impairment testing carried out as of the end of December 31, 2023. The Company added the carrying amounts of the lower-level asset groups to the carrying amount of the enterprise asset and compares that aggregate carrying amount to the sum of estimated future cash flows of the lower-level asset groups and the cash flows related to the enterprise asset. The estimated undiscounted future cash flows generated by asset groups were greater than their carrying amount, hence no impairment losses were recorded in 2023 for enterprise asset.

Merger Transaction and Related Financing Transactions (Details)						12 Months Ended
	Sep. 29, 2022 CNY (¥)	Sep. 29, 2022 USD ($)	Sep. 28, 2022 CNY (¥) shares	Sep. 28, 2022 USD ($) shares	Jan. 19, 2021 USD ($)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 CNY (¥) shares	Sep. 28, 2022 USD ($) shares	Jul. 28, 2022 CNY (¥)	Jul. 28, 2022 USD ($)	Dec. 31, 2021 $ / shares
Merger Transaction and Related Financing Transaction [Line Items]
Gross proceeds (in Dollars) \| ¥								¥ 355,535,000
Shares issued			5,693,636	5,693,636
Par value of ordinary shares (in Dollars per share) \| $ / shares							$ 0.00000939586994067732		$ 0.00000939586994067732
Fair value of the earn-in shares as additional paid-in capital			¥ 419,531,300	$ 59,000,000		¥ (2,116,740)		(1,520,393)		(548,029)
Earn-out shares expiry term						5 years	5 years
Cash acquired from merger transaction			24,237,896	3,408,651
Issued warrant liabilities			61,863,090								$ 8,700,000
Offering cost paid \| ¥										¥ 136,000
Price per option share (in Dollars per share) \| $ / shares									1.86
Fair value of options			¥ 1,777,675								$ 250,000
Ordinary Shares [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued										16,167,742
Commits to issue shares			200,000				14,000,000				200,000
Fair value of the earn-in shares as additional paid-in capital \| ¥
Minimum [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Price per option share (in Dollars per share) \| $ / shares							$ 0.43							$ 0.88
Maximum [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Price per option share (in Dollars per share) \| $ / shares							$ 0.83							$ 1.49
Warrant [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Warrants issued							17,250,000
Sponsor Warrants [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Warrants issued			4,450,000				4,450,000				4,450,000
PIPE Warrants [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Gross proceeds (in Dollars)			¥ 316,426,861	$ 44,500,100
Shares issued			5,050,000	5,050,000		5,050,000	5,050,000
Warrants issued			1,200,000				1,200,000				1,200,000
Issued warrant liabilities			¥ 3,555,349								$ 500,000
Consideration \| $							$ 44,500,100
Proceeds from warrants	¥ 316,426,861	$ 44,500,100
Initial Public Offering [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Gross proceeds (in Dollars) \| $					$ 345,000,000
Silver Crest Management LLC [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued						5,693,636	5,693,636
Fair value of the earn-in shares as additional paid-in capital			¥ 41,953,130	$ 5,900,000
Silver Crest Management LLC [Member] \| Class A Ordinary Shares [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Commits to issue shares							1,381,136
Silver Crest Management LLC [Member] \| Class B Ordinary Shares [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued						4,312,500	4,312,500
Shaolin Capital Management LLC [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued						5,000,000	5,000,000
CF Principal Investment LLC [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Commits to issue shares							826,446
Consideration						¥ 21,656,700	$ 3,000,000
Number of ordinary shares						3,000,000	3,000,000
Percentage of dollar volume-weighted average price for ordinary shares						97.00%	97.00%
Aggregate gross purchase price (in Dollars) \| $							$ 100,000,000
Pangaea Two Acquisition Holdings XXIIB, Ltd [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued						200,000	200,000
Pangaea Two Acquisition Holdings XXIIA and XXIIB, Ltd [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Price per share (in Dollars per share) \| $ / shares							$ 11.5
Pangaea Two Acquisition Holdings XXIIA [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Price per share (in Dollars per share) \| $ / shares									18
Price per option share (in Dollars per share) \| $ / shares									$ 0.01
Merger Agreement with Miami Swan Ltd [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued						116,855	116,855
Exchange ratio						1,064.3	1,064.3
Exchange of ordinary shares						124,368,473	124,368,473
Merger Agreement with Miami Swan Ltd [Member] \| Minimum [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Par value of ordinary shares (in Dollars per share) \| $ / shares							$ 0.01
Merger Agreement with Miami Swan Ltd [Member] \| Maximum [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Par value of ordinary shares (in Dollars per share) \| $ / shares							$ 0.00000939586994067732
Merger Agreement with Miami Swan Ltd [Member] \| THC Hope IB Limited [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued						7,745	7,745
Exchange ratio						1,064.3	1,064.3
Exchange of ordinary shares						8,242,983	8,242,983
Equity Support Agreement [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued			5,000,000	5,000,000
Payment of cash deposits (in Dollars) \| $							$ 3,166,667
Offering cost paid								¥ 4,621,955	$ 650,000
Equity Support Agreement [Member] \| Shaolin Capital Management LLC [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued						5,000,000	5,000,000
Subscription price							$ 50,000,000					¥ 355,535,000	$ 50,000,000
Sponsor [Member] \| Silver Crest Management LLC [Member]
Merger Transaction and Related Financing Transaction [Line Items]
Shares issued						1,400,000	1,400,000

Parent Only Financial Information (Details) - Schedule of Condensed Balance Sheets - Parent Company [Member] - Reportable Legal Entities [Member] - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash	¥ 2,319,427	¥ 29,472,174
Short-term investments		372,375,701
Amounts due from subsidiaries	51,198,256	298,205,305
Prepaid expenses and other current assets	3,665,297	3,656,415
Total current assets	57,182,980	703,709,595
Non-current assets
Intangible assets, net	51,054,462	53,685,458
Total non-current assets	51,054,462	53,685,458
Total assets	108,237,442	757,395,053
Current liabilities
Derivative financial liabilities		269,251,436
Other current liabilities	20,532,039	6,129,649
Total current liabilities	20,532,039	275,381,085
Non-current liabilities
Derivative financial liabilities - non-current		19,083,004
Amount due to related parties	94,199,910
Convertible notes, at fair value	420,712,380	354,080,264
Total non-current liabilities	514,912,290	373,163,268
Total liabilities	535,444,329	648,544,353
Shareholders’ equity (deficit)
Ordinary shares	9,733	8,616
Additional paid-in capital	1,807,715,296	1,472,014,651
Accumulated losses	(2,256,423,775)	(1,380,173,392)
Accumulated other comprehensive income	21,491,865	17,000,825
Total shareholders’ (deficit) equity	(427,206,881)	108,850,700
Total liabilities and shareholders’ (deficit) equity	¥ 108,237,442	¥ 757,395,053

Property and Equipment, Net (Details) - CNY (¥)	12 Months Ended
Property and Equipment, Net (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment, Net [Abstract]
Depreciation and amortization	¥ 151,791,702	¥ 124,083,503	¥ 67,512,655
Impairment losses	¥ 111,426,961	¥ 7,222,765	¥ 1,001,880

Consolidated Statements of Operations	12 Months Ended
Consolidated Statements of Operations	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2022 CNY (¥) ¥ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares
Revenues
Total revenues	¥ 1,575,780,180	¥ 1,011,063,766	¥ 643,371,949
Company owned and operated stores
Food and packaging (including cost of Company owned and operated stores from transactions with a related party of RMB72,109,353, RMB36,862,860 and RMB19,521,561 for the years ended December 31, 2023, 2022 and 2021, respectively)	493,198,386	314,550,334	207,947,581
Store rental expenses	295,757,362	236,838,444	148,152,234
Payroll and employee benefits	310,719,408	268,857,299	199,329,992
Delivery costs	116,959,484	73,615,391	38,604,864
Other operating expenses (including service fee from transactions with a related party of RMB998,515, RMB550,000, and nil for the years ended December 31, 2023, 2022 and 2021, respectively)	121,416,808	107,769,989	99,104,765
Store depreciation and amortization	139,611,799	118,658,800	62,678,633
Company owned and operated store costs and expenses	1,477,663,247	1,120,290,257	755,818,069
Costs of other revenues	149,692,427	48,554,641	16,731,187
Marketing expenses	102,184,771	81,017,100	50,316,856
General and administrative expenses (including general and administrative expenses from transactions with a related party of nil, RMB1,845,960 and nil for the years ended December 31, 2023, 2022 and 2021, respectively)	343,622,128	289,544,688	174,962,876
Franchise and royalty expenses (including franchise and royalty expenses from transactions with related parties of RMB52,186,184, RMB31,882,569 and RMB15,576,324 for the years ended December 31, 2023, 2022 and 2021, respectively)	58,948,522	35,595,253	18,800,024
Other operating costs and expenses	28,872,217	8,340,034	2,134,905
Loss on disposal of property and equipment	16,404,477	8,835,137	1,546,122
Impairment losses of long-lived assets	111,426,961	7,222,765	1,001,880
Other income	(11,851,841)	(7,152,455)	(3,475,871)
Total costs and expenses, net	2,276,962,909	1,592,247,420	1,017,836,048
Operating loss	(701,182,729)	(581,183,654)	(374,464,099)
Interest income	14,249,793	2,703,219	315,550
Interest expenses	(20,425,644)	(14,804,002)	(1,901,653)
Foreign currency transaction loss	(16,771,124)	(6,275,369)	(1,301,963)
Changes in fair value of Deferred Contingent consideration	(26,106,460)
Changes in fair value of convertible notes	(58,280,908)	(4,493,605)	(5,577,001)
Changes in fair value of warrant liabilities	(83,966,126)	45,903,468
Changes in fair value of ESA derivative liabilities	19,654,006	(186,598,308)
Loss before income taxes	(872,829,192)	(744,748,251)	(382,929,166)
Income tax expenses	(97,241)
Net loss	(872,926,433)	(744,748,251)	(382,929,166)
Less: Net (income) loss attributable to non-controlling interests	(3,323,950)	2,103,019	1,208,147
Net loss attributable to shareholders of the Company	¥ (876,250,383)	¥ (742,645,232)	¥ (381,721,019)
Basic loss per ordinary share (in Yuan Renminbi per share) \| ¥ / shares	¥ (5.68)	¥ (5.8)	¥ (3.14)
Company Owned And Operated Stores
Revenues
Total revenues	¥ 1,405,401,977	¥ 938,096,823	¥ 617,226,090
Other Revenues
Revenues
Total revenues	¥ 170,378,203	¥ 72,966,943	¥ 26,145,859

Parent Only Financial Information (Details) - Schedule of Condensed Statements of Comprehensive Loss - Parent Company [Member] - Reportable Legal Entities [Member] - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Statement of Income Captions [Line Items]
Net loss	¥ (876,250,383)	¥ (742,645,232)	¥ (381,721,019)
Other comprehensive income (loss)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes	(2,116,740)	(1,520,393)	(548,029)
Unrealized gain on short-term investments, net of nil income taxes	3,584,872	2,133,528
Amounts reclassified from accumulated other comprehensive income	(5,718,400)
Foreign currency translation adjustment, net of nil income taxes	8,741,308	(19,356,001)	(2,889,641)
Total comprehensive loss	¥ (871,759,343)	¥ (761,388,098)	¥ (385,158,689)

Income Tax (Details) $ in Millions	12 Months Ended
Income Tax (Details) $ in Millions	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 HKD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 HKD ($)
Income Tax [Line Items]
Provision for profits tax (in Dollars)	¥ 97,241
Valuation allowance	426,347,838		¥ 275,431,351		¥ 149,094,206
Tax payments	¥ 100,000
Hong Kong [Member]
Income Tax [Line Items]
Profits tax rate, percentage	16.50%	16.50%
Provision for profits tax (in Dollars) \| $
Assessable profits (in Dollars) \| $
PRC [Member]
Income Tax [Line Items]
Statutory income tax rate	25.00%	25.00%
Operating losses	¥ 1,450,352,814
Prior to Tax [Member] \| Hong Kong [Member]
Income Tax [Line Items]
Profits tax rate, percentage	8.25%	8.25%
Earned profit (in Dollars) \| $		$ 2
After Tax [Member] \| Hong Kong [Member]
Income Tax [Line Items]
Profits tax rate, percentage	16.50%	16.50%
2024 [Member] \| PRC [Member]
Income Tax [Line Items]
Operating losses	¥ 46,662,524
2025 [Member]
Income Tax [Line Items]
Operating losses	80,877,739
2027 [Member]
Income Tax [Line Items]
Operating losses	408,283,501
2027 [Member]
Income Tax [Line Items]
Operating losses	381,621,748
2028 [Member]
Income Tax [Line Items]
Operating losses	¥ 532,907,302

Convertible Notes, at Fair Value (Details) - Schedule of Convertible Notes Measured at Fair Value - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Convertible Notes Measured at Fair Value [Abstract]
Convertible notes, at fair value	¥ 420,712,380	¥ 354,080,264

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Time Deposit are Deposited in Financial Institutions

Cash and cash equivalents and time deposit are deposited in financial institutions at below locations:

	December 31, 2023		December 31, 2022

Cash on hand		517,065		212,598

Financial institutions in Mainland China
—Denominated in RMB		121,237,473		102,427,994
—Denominated in USD		86,161,529		69,063,161
Total balance of cash and cash equivalents and time deposits held at Mainland China financial institutions		207,399,002		171,491,155

Financial institutions in HKSAR
—Denominated in RMB		4,739		5,192
—Denominated in USD		12,831,286		67,368,485
Total balance of cash held at the HKSAR financial institutions		12,836,025		67,373,677

Total balance of cash and cash equivalents and time deposits held at financial institutions		220,235,027		238,864,832
Total balance of cash and cash equivalents and time deposits		220,752,092		239,077,430

Schedule of Table Summarizes the Effect on the Consolidated Balance Sheet

The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC 842.

	December 31, 2021			Effect of Adoption			January 1, 2022
	RMB			RMB			RMB

Prepaid expenses and other current assets		142,838,295			(15,272,677	)(a)		127,565,618
Operating lease right-of-use assets		-			853,553,284	(b)		853,553,284
Lease liabilities-current		-			(133,024,693	)(c)		(133,024,693	)
Other current liabilities		(286,078,575	)		4,351,416	(d)		(281,727,159	)
Lease liabilities-non-current		-			(752,579,348	)(c)		(752,579,348	)
Other non-current liabilities		(47,167,706	)		42,972,018	(d)		(4,195,688	)

(a) Represents the current portion of prepaid rental expenses reclassified to operating lease right-of-use assets.

(b) Represents the net result of capitalization of operating lease payments and reclassification of prepaid rental expenses.

(d) Represents the reclassification of current and non-current accrued rental expenses to lease liabilities.

Derivative Financial Liabilities (Details)	Sep. 28, 2022 $ / shares shares	Jun. 30, 2023 CNY (¥) shares	May 12, 2023	Dec. 27, 2022 USD ($) $ / shares
Derivative Financial Liabilities [Line Items]
Warrants issued (in Shares) \| shares	22,900,000
Warrants exercise price	$ 11.5
Number of shares called by each warrant (in Shares) \| shares	1
Warrants redemption price	$ 0.1
Percentage of exchange ratio			10.00%
Increase in Share Value (in Yuan Renminbi) \| ¥		¥ 365
Increase in Additional Paid in Capital (in Yuan Renminbi) \| ¥		¥ 105,931,016
Minimum [Member]
Derivative Financial Liabilities [Line Items]
Warrants exercise price	10
Maximum [Member]
Derivative Financial Liabilities [Line Items]
Warrants exercise price	$ 18
ESA Derivative Liabilities [Member]
Derivative Financial Liabilities [Line Items]
Agreed price provided in ESA agreement				$ 0
ESA Derivative Liabilities [Member] \| Minimum [Member]
Derivative Financial Liabilities [Line Items]
Interest accrued on the funds held in the collateral (in Dollars) \| $				$ 100,000
ESA Derivative Liabilities [Member] \| Maximum [Member]
Derivative Financial Liabilities [Line Items]
Interest accrued on the funds held in the collateral (in Dollars) \| $				$ 300,000
Public Warrants [Member]
Derivative Financial Liabilities [Line Items]
Warrants issued (in Shares) \| shares	17,250,000
Warrants exercise price	$ 18
Warrants redemption price	$ 0.01
Sponsor Warrants [Member]
Derivative Financial Liabilities [Line Items]
Warrants issued (in Shares) \| shares	4,450,000
PIPE Warrants [Member]
Derivative Financial Liabilities [Line Items]
Warrants issued (in Shares) \| shares	1,200,000
Private Warrants [Member]
Derivative Financial Liabilities [Line Items]
Warrants exercise price	$ 18
Warrants redemption price	0.1
Private Warrants [Member] \| Minimum [Member]
Derivative Financial Liabilities [Line Items]
Warrants exercise price	10
Private Warrants [Member] \| Maximum [Member]
Derivative Financial Liabilities [Line Items]
Warrants exercise price	$ 18
Public and Private Warrants [Member]
Derivative Financial Liabilities [Line Items]
Shares issued (in Shares) \| shares		5,419,744
First Reference Period [Member] \| ESA Derivative Liabilities [Member]
Derivative Financial Liabilities [Line Items]
Agreed price provided in ESA agreement				$ 10.4
Second Reference Period [Member] \| ESA Derivative Liabilities [Member]
Derivative Financial Liabilities [Line Items]
Agreed price provided in ESA agreement				10.6
Third Reference Period [Member] \| ESA Derivative Liabilities [Member]
Derivative Financial Liabilities [Line Items]
Agreed price provided in ESA agreement				$ 10.9

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consist of the following:

		December 31, 2023		December 31, 2022
Accrued payroll and employee-related costs			60,134,968		88,469,812
Payable for acquisition of property and equipment			136,476,992		139,578,631
Guarantee deposits			48,205,248		11,695,000
Accrued marketing expenses			15,997,153		11,901,810
Sundry taxes payable			11,196,895		6,707,784
Accrued professional service fees			20,095,758		9,076,767
Accrued offering costs	(i)		2,833,080		4,039,468
Accrued rental expenses			3,616,613		4,242,805
Other accrual expenses			39,597,263		34,742,278
			338,153,970		310,454,355

(i)

In August 2022, the Company entered into a professional services contract with a financial intermediary firm pursuant to which, the firm provided professional services to the Company in connection with Merger Transactions and the Company is obligated to pay a service fee of US$3,000,000. Under the agreement, the Company settled US$1,000,000 of the service fee in cash in October 2022 and has an option at its sole discretion to settle the remaining US$2,000,000 of the service fee in following year either in cash or by issuing 200,000 ordinary Shares of the Company when certain conditions were met upon the consummation of the Merger Transactions on September 28, 2022. The Company accounted for the option to settle such service fee in ordinary shares as a liability-settled share-based payment. The option is re-measured at fair value periodically until the settlement of payment. As of December 31, 2023, the fair value of options is US$400,000 (equivalent to RMB2,833,080).

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2023

Accounts Receivable, Net [Abstract]

Accounts Receivable, net

Accounts receivable, net of allowance for doubtful accounts consist of the following:

	December 31, 2023			December 31, 2022
Accounts receivable		32,520,398			7,973,229
Less: allowance for doubtful accounts		(4,958,889	)		(2,356,034	)
Accounts receivable, net		27,561,509			5,617,195

	December 31, 2023		December 31, 2022
Beginning balance		2,356,034		-
Provision		2,602,855		2,356,034
Ending balance		4,958,889		2,356,034

Fair Value Measurement (Details) - Schedule of Fair Value Hierarchy for Assets and Liabilities Measured - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Liabilities
Total Fair Value Assets and Liabilities	¥ 517,745,370	¥ 646,454,172
Assets
Total Fair Value Assets		372,375,701
Convertible Notes Payable [Member]
Liabilities
Total Fair Value Liabilities	420,712,380	354,080,264
Liability-settled share-based payment to non-employee [Member]
Liabilities
Total Fair Value Liabilities	2,833,080	4,039,468
Deferred contingent consideration [Member]
Liabilities
Total Fair Value Liabilities	94,199,910
Short-Term Investments [Member]
Assets
Total Fair Value Assets		372,375,701
ESA Derivative Liabilities [Member]
Liabilities
Total Fair Value Liabilities		269,251,436
Warrant liabilities [Member]
Liabilities
Total Fair Value Liabilities		19,083,004
Fair Value, Inputs, Level 1 [Member]
Liabilities
Total Fair Value Assets and Liabilities
Fair Value, Inputs, Level 1 [Member] \| Convertible Notes Payable [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 1 [Member] \| Liability-settled share-based payment to non-employee [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 1 [Member] \| Deferred contingent consideration [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 1 [Member] \| Short-Term Investments [Member]
Assets
Total Fair Value Assets
Fair Value, Inputs, Level 1 [Member] \| ESA Derivative Liabilities [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 1 [Member] \| Warrant liabilities [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 2 [Member]
Liabilities
Total Fair Value Assets and Liabilities
Fair Value, Inputs, Level 2 [Member] \| Convertible Notes Payable [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 2 [Member] \| Liability-settled share-based payment to non-employee [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 2 [Member] \| Deferred contingent consideration [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 2 [Member] \| Short-Term Investments [Member]
Assets
Total Fair Value Assets		372,375,701
Fair Value, Inputs, Level 2 [Member] \| ESA Derivative Liabilities [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 2 [Member] \| Warrant liabilities [Member]
Liabilities
Total Fair Value Liabilities
Fair Value, Inputs, Level 3 [Member]
Liabilities
Total Fair Value Assets and Liabilities	517,745,370	646,454,172
Fair Value, Inputs, Level 3 [Member] \| Convertible Notes Payable [Member]
Liabilities
Total Fair Value Liabilities	420,712,380	354,080,264
Fair Value, Inputs, Level 3 [Member] \| Liability-settled share-based payment to non-employee [Member]
Liabilities
Total Fair Value Liabilities	2,833,080	4,039,468
Fair Value, Inputs, Level 3 [Member] \| Deferred contingent consideration [Member]
Liabilities
Total Fair Value Liabilities	¥ 94,199,910
Fair Value, Inputs, Level 3 [Member] \| Short-Term Investments [Member]
Assets
Total Fair Value Assets
Fair Value, Inputs, Level 3 [Member] \| ESA Derivative Liabilities [Member]
Liabilities
Total Fair Value Liabilities		269,251,436
Fair Value, Inputs, Level 3 [Member] \| Warrant liabilities [Member]
Liabilities
Total Fair Value Liabilities		¥ 19,083,004

Segment reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment reporting

28.

Segment reporting

	For the year ended December 31, 2023
	Tim Hortons			Popeyes			Totals
Revenues		1,560,005,807			15,774,373			1,575,780,180
Company owned and operated store costs and expenses		1,454,278,517			23,384,730			1,477,663,247
Segment loss before income taxes		(564,610,851	)		(33,257,723	)		(597,868,574	)
Other significant noncash items:
Depreciation and amortization		163,154,711			2,749,861			165,904,572
Loss on disposal of property and equipment		16,404,477			-			16,404,477
Provision for Inventories write-down		11,589,111			-			11,589,111
Impairment on long-live assets		111,426,961			-			111,426,961

	For the year ended December 31, 2023

Segment loss before income taxes-		(597,868,574	)
Service expenses incurred at headquarter		(38,837,164	)
Share-based compensation		(64,476,991	)
Interest income		14,249,793
Interest expense		(20,425,644	)
Foreign currency transaction loss		(16,771,124	)
Changes in fair value of Deferred Contingent consideration		(26,106,460	)
Changes in fair value of convertible notes		(58,280,908	)
Changes in fair value of warrant liabilities		(83,966,126	)
Changes in fair value of ESA derivative liabilities		19,654,006
Loss before income taxes		(872,829,192	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Consolidated Statements of Comprehensive Loss (Parentheticals)	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Statement of Comprehensive Income [Abstract]
Fair value changes of convertible notes due to instrument-specific credit risk, tax
Unrealized gain on short-term investment, tax
Foreign currency translation adjustment, tax

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Non-Current Assets [Abstract]

Schedule of Other Non-Current Assets

Other non-current assets consist of the following:

	December 31, 2023		December 31, 2022

Long-term rental deposits		68,415,741		82,270,359

Contract Liabilities

12 Months Ended

Dec. 31, 2023

Contract Liabilities [Abstract]

Contract Liabilities

13.

Contract Liabilities

Contract liabilities - current as of December 31, 2023 and 2022 were as follows:

	December 31, 2023		December 31, 2022

Deferred revenue related to customer loyalty program		20,008,439		12,179,748
Advance from customers related to coupons and gift cards		11,255,648		8,573,239
Deferred revenue related to upfront franchise fees received from sub-franchisees		1,349,357		750,618
Advance from third party		8,101,390		618,700
		40,714,834		22,122,305

Contract liabilities – non-current as of December 31, 2023 and 2022 were as follows:

		December 31, 2023				December 31, 2022
Deferred revenue related to upfront franchise fees received from sub-franchisees			5,271,661				3,311,176

Contract liabilities primarily consist of deferred revenue related to customer loyalty program and advance from customers related to coupons and gift cards. The deferred revenue related to customer loyalty program and advance from customers related to coupons and gift cards are expected to be recognized as revenue in the next 12 months from the balance sheet date.

The Company had RMB6,621,018 of deferred revenues related to upfront franchise fees which are expected to be recognized as revenues over the remaining contract periods of each individual franchise agreement and of which RMB1,349,357 is expected to be recognized in the next 12 months, RMB5,271,661 is expected to be recognized in next 2 to 10 years for the year ended December 31, 2023.

The Company had RMB4,061,794 of deferred revenues related to upfront franchise fees which are expected to be recognized as revenues over the remaining contract periods of each individual franchise agreement and of which RMB750,618 is expected to be recognized in the next 12 months, RMB3,311,176 is expected to be recognized in next 2 to 10 years for the year ended December 31, 2022, respectively.

Revenue recognized that was included in the contract liability balance at the beginning of the year amounts to RMB 21,880,042 and RMB13,829,722 in year 2023 and 2022, respectively.

The Company has elected, as a practical expedient not to disclose the value of remaining performance obligations associated with sales-based royalty promised to sub-franchisees in exchange for franchise right and other related services.

Shareholders' Equity (Details)																				12 Months Ended
Shareholders' Equity (Details)	Oct. 16, 2023 USD ($) shares	Jun. 30, 2023 CNY (¥) shares	Jun. 30, 2023 USD ($) shares	May 12, 2023	Mar. 15, 2023 USD ($) shares	Nov. 09, 2022 CNY (¥) shares	Sep. 28, 2022 CNY (¥) shares	Sep. 28, 2022 USD ($) shares	Sep. 27, 2022 USD ($) shares	Jun. 24, 2022 USD ($)	Jun. 07, 2022 CNY (¥) shares	Jun. 07, 2022 USD ($) shares	Aug. 11, 2021 USD ($) shares	Feb. 26, 2021 CNY (¥) shares	Feb. 26, 2021 USD ($) shares	Oct. 26, 2020 CNY (¥) shares	Oct. 26, 2020 USD ($) shares	Jun. 12, 2018 USD ($) shares	May 28, 2018 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($) shares	Jul. 13, 2023 CNY (¥)	Jul. 13, 2023 USD ($)	Apr. 11, 2023 CNY (¥)	Apr. 11, 2023 USD ($)	Feb. 10, 2023 CNY (¥)	Feb. 10, 2023 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)	Sep. 28, 2022 USD ($) shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued							5,693,636	5,693,636
Total cash consideration \| ¥						¥ 21,656,700																		¥ 292,409,622
Additional paid-in capital.		¥ 365	$ 105,931,016																	¥ 1,412,126
Shares issued																				166,217,880		149,181,538			166,217,880
Cash consideration amount																¥ 10,089,000	$ 1,500,000
Pre-split ordinary shares											174,544	174,544
Total fair value \| $	$ 268,542
Share-based compensation expense																				¥ 1,928,084	$ 268,542
Consideration value \| $
Acquired amount							¥ 24,237,896	$ 3,408,651
Warrant liabilities							61,863,090																											$ 8,700,000
Proceeds from Issuance Initial Public Offering \| ¥																						¥ 355,535,000
Offering cost							85,728,299	$ 12,069,689
Liability-settled share-based payment							¥ 4,039,468																											$ 580,000
Collateral account																										¥ 95,997,298	$ 13,421,127	¥ 72,556,022	$ 10,533,379	¥ 80,917,612	$ 11,919,983	¥ 377,490,814	$ 53,169,218
Derivative liabilities \| ¥																				147,204,118		22,484,963
Share transferred to treasury shares					300,000
Treasury shares value
Ordinary shares exchange ratio				0.216
Share exchange ratio percentage				10.00%
Treasury shares reissued																				573,252	573,252
Number of Votes per Share																				1	1
Public Warrants [Member]
Shareholders' Equity (Details) [Line Items]
Warrant shares							17,250,000																											17,250,000
Sponsor Warrants [Member]
Shareholders' Equity (Details) [Line Items]
Warrant shares							4,450,000													4,450,000					4,450,000									4,450,000
PIPE Warrants [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued							5,050,000	5,050,000												5,050,000	5,050,000
Warrant shares							1,200,000													1,200,000					1,200,000									1,200,000
Warrant liabilities							¥ 3,555,349																											$ 500,000
Proceeds from Issuance Initial Public Offering							¥ 316,426,861	$ 44,500,100
Warrant Modification [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued		5,419,744	5,419,744
Ordinary shares exchange ratio				0.24
Tim Hortons Restaurants International GmbH (THRI)
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued																			10,000
Parent Company [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued																		90,000
Total cash consideration \| $																		$ 90,000,000
Number of installments																		3
Installments amount																																			¥ 192,363,000	$ 30,000,000
Additional paid-in capital. \| ¥																				¥ 1,719,802
THC Hope IB Limited
Shareholders' Equity (Details) [Line Items]
Converted ordinary shares									7,745
Pre-split ordinary shares									8,242,983
Consideration value \| $
Cantor [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued						826,446
Pangaea Two Acquisition Holdings XXIIA, Ltd. [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued					300,000
Board of Directors [Member]
Shareholders' Equity (Details) [Line Items]
Converted ordinary shares											164	164
Equity Support Agreement [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued							5,000,000	5,000,000
Collateral account							¥ 355,535,000																											50,000,000
Derivative liabilities							¥ 88,172,680																											$ 12,400,000
Chief Executive Officer [Member]
Shareholders' Equity (Details) [Line Items]
Cash bonus											¥ 1,355,772	$ 164,000
Total fair value \| $										$ 1,487,237
Share-based compensation expense																						¥ 8,608,713	$ 1,323,237
L&L Tomorrow Holdings Limited [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares issued	150,024
Shares issued																1,000	1,000
L&L Tomorrow Holdings Limited [Member] \| Board of Directors [Member]
Shareholders' Equity (Details) [Line Items]
Shares issued													178
Cash consideration amount \| $													$ 1,000
Lord Winterfell Limited
Shareholders' Equity (Details) [Line Items]
Shares issued																500	500
Pangaea Two Acquisition Holdings
Shareholders' Equity (Details) [Line Items]
Shares issued														15,013	15,013
Cash consideration amount														¥ 291,393,000	$ 45,000,000

Other Income

12 Months Ended

Dec. 31, 2023

Other Income [Abstract]

Other Income

21.

Other Income

Other Income consists of the following:

	For the Years Ended December 31,
	2023		2022		2021
Government grants		9,945,338		5,996,537		3,319,871
Others		1,906,503		1,155,918		156,000

Total other income		11,851,841		7,152,455		3,475,871

During the years ended December 31, 2023, 2022 and 2021, the Company received unconditional government grants of RMB9,945,338, RMB5,996,537, and RMB3,319,871, respectively, which primary consisted of value-added tax super deduction.

Revenue (Details) - Schedule of Revenue - CNY (¥)	12 Months Ended
Revenue (Details) - Schedule of Revenue - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	¥ 1,575,780,180	¥ 1,011,063,766	¥ 643,371,949
Sales of Food, Beverage and Packaged Products by Company Owned and Operated Stores [Member]
Disaggregation of Revenue [Line Items]
Total revenues	1,405,401,977	938,096,823	617,226,090
Franchise Fees [Member]
Disaggregation of Revenue [Line Items]
Total revenues	15,443,024	4,537,599	1,923,149
Revenues from Other Franchise Support Activities [Member]
Disaggregation of Revenue [Line Items]
Total revenues	66,878,149	18,965,417	9,469,639
Revenues from Wholesale Activities [Member]
Disaggregation of Revenue [Line Items]
Total revenues	27,204,236	6,533,166
Revenue from E-Commerce Sales [Member]
Disaggregation of Revenue [Line Items]
Total revenues	59,067,398	41,635,451	13,117,118
Revenues from Other Activities [Member]
Disaggregation of Revenue [Line Items]
Total revenues	1,785,396	1,295,310	1,207,805
Provision of Consumer Research Service to THRI [Member]
Disaggregation of Revenue [Line Items]
Total revenues			¥ 428,148

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(1))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Details) - Schedule of Table Summarizes the Effect on the Consolidated Balance Sheet - ASC 842 [Member] - CNY (¥)

Jan. 01, 2022

Dec. 31, 2021

Schedule of Table Summarizes the Effect on the Consolidated Balance Sheet [Line Items]

Prepaid expenses and other current assets

¥ 127,565,618

¥ 142,838,295

Operating lease right-of-use assets

853,553,284

Lease liabilities-current

(133,024,693)

Other current liabilities

(281,727,159)

(286,078,575)

Lease liabilities-non-current

(752,579,348)

Other non-current liabilities

¥ (4,195,688)

(47,167,706)

Effect of Adoption [Member]

Schedule of Table Summarizes the Effect on the Consolidated Balance Sheet [Line Items]

Prepaid expenses and other current assets

^[1]

(15,272,677)

Operating lease right-of-use assets

^[2]

853,553,284

Lease liabilities-current

^[3]

(133,024,693)

Other current liabilities

^[4]

4,351,416

Lease liabilities-non-current

^[3]

(752,579,348)

Other non-current liabilities

^[4]

¥ 42,972,018

[1]	Represents the current portion of prepaid rental expenses reclassified to operating lease right-of-use assets.
[2]	Represents the net result of capitalization of operating lease payments and reclassification of prepaid rental expenses.
[3]	Represents the recognition of current and non-current lease liabilities.
[4]	Represents the reclassification of current and non-current accrued rental expenses to lease liabilities.

Parent Only Financial Information (Details) - Schedule of Condensed Statements of Comprehensive Loss (Parentheticals) - Parent Company [Member] - Reportable Legal Entities [Member]	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Condensed Statement of Income Captions [Line Items]
Fair value changes of convertible notes due to instrument-specific credit risk, net of income taxes
Unrealized gain on short-term investment, net of nil income taxes
Foreign currency translation adjustment, net income taxes

Bank Borrowings (Details)	12 Months Ended
Bank Borrowings (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022	Dec. 31, 2023 USD ($)
Bank Borrowings [Line Items]
Unused credit limits under credit facility agreements (in Yuan Renminbi)	¥ 469,467,303
Credit Facility Agreements [Member]
Bank Borrowings [Line Items]
Draw down borrowings	¥ 990,000,000		$ 25,000,000
Credit Facility Agreements [Member] \| Minimum [Member]
Bank Borrowings [Line Items]
Short-term bank borrowings, interest rate	2.75%	3.50%
Long-term bank borrowings, interest rate	4.00%	4.20%	4.00%
Credit Facility Agreements [Member] \| Maximum [Member]
Bank Borrowings [Line Items]
Short-term bank borrowings, interest rate	4.60%	4.50%
Long-term bank borrowings, interest rate	4.60%	4.60%	4.60%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

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-Topic 235
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Non-Current Assets

12 Months Ended

Dec. 31, 2023

Other Non-Current Assets [Abstract]

Other Non-Current Assets

11.

Other Non-Current Assets

Other non-current assets consist of the following:

	December 31, 2023		December 31, 2022

Long-term rental deposits		68,415,741		82,270,359

Income Tax (Details) - Schedule of Changes in Valuation Allowance - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Line Items]
Balance at the beginning of the year	¥ 275,431,351	¥ 149,094,206
Balance at the end of the year	426,347,838	275,431,351
Maximum [Member]
Valuation Allowance [Line Items]
Increases (Decreases) in the year	152,562,669	126,337,145
Minimum [Member]
Valuation Allowance [Line Items]
Increases (Decreases) in the year	¥ (1,646,182)

Segment reporting (Details)	12 Months Ended
Segment reporting (Details)	Dec. 31, 2023
Segment Reporting [Abstract]
Reportable segment	1

Consolidated Statements of Cash Flows - CNY (¥)	12 Months Ended
Consolidated Statements of Cash Flows - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Net loss	¥ (872,926,433)	¥ (744,748,251)	¥ (382,929,166)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	165,904,572	133,402,504	74,276,142
Loss on disposal of property and equipment	16,404,477	8,835,137	1,546,122
Loss on disposal of intangible assets	646,162
Provision for Inventories write-down	11,589,111	387,999
Allowance for doubtful accounts	2,602,855	2,356,034
Impairment losses of long-lived assets	111,426,961	7,222,765	1,001,880
Share-based payment expenses	64,476,991	74,686,711
Unrealized foreign currency transaction loss	4,966,290	2,369,080	827,068
Changes in fair value of Deferred Contingent consideration	26,106,460
Changes in fair value of convertible notes	58,280,908	4,493,605	5,577,001
Changes in fair value of warrant liabilities	83,966,126	(45,903,468)
Changes in fair value of ESA derivative liabilities	(19,654,006)	186,598,308
Changes in operating assets and liabilities:
Accounts receivable	(24,547,169)	1,844,063	(1,839,140)
Inventories	9,159,557	(29,376,113)	(31,174,705)
Prepaid expenses and other current assets	(51,312,481)	16,088,529	(36,203,431)
Other non-current assets	13,854,618	(14,959,136)	(35,499,307)
Accounts payable	114,209,601	44,720,900	45,555,721
Amounts due to related parties	29,779,882	8,411,048	4,083,764
Contract liabilities	20,553,014	10,333,684	11,705,026
Other current liabilities	31,763,373	35,009,222	69,469,317
Other non-current liabilities	976,306	(39,247,754)	28,637,700
Right-of-use assets and lease liabilities	5,642,944	50,546,769
Net cash used in operating activities	(196,129,881)	(286,928,364)	(244,966,008)
Cash flows from investing activities:
Purchase of property and equipment and intangible assets	(292,404,840)	(334,930,178)	(335,318,355)
Purchase of short-term investments		(370,242,173)
Purchase of time deposits	(17,165,400)
Proceeds from disposal of property and equipment	271,437		41,000
Proceeds from disposal of short-term investments	369,297,715
Net cash generate from/(used in) investing activities	59,998,912	(705,172,351)	(335,277,355)
Cash flows from financing activities:
Proceeds from convertible notes			312,092,172
Proceeds from bank borrowings	1,003,893,914	707,579,122	209,258,775
Repayment of bank borrowings	(877,002,532)	(494,930,388)	(5,300,000)
Payment of offering costs	(4,657,323)	(81,688,831)	(9,310,208)
Proceeds from Merger Transaction		24,237,896
Proceeds from equity financing through PIPE Transaction		316,426,861
Proceeds from equity financing through ESA Transaction		355,535,000
Payment for issuance costs of ordinary shares			(136,000)
Proceeds from issuance of ordinary shares			291,393,000
Payments to Shaolin Capital Management LLC due to ESA Transaction	(249,470,932)
Proceed from exercise of employee share option	1,412,126
Proceeds from financing through Popeyes Transaction	206,658,000
Net cash provided by financing activities	80,833,253	827,159,660	797,997,739
Effect of foreign currency exchange rate changes on cash and cash equivalents	19,806,978	13,181,099	(1,790,729)
Net increase (decrease) in cash and cash equivalents	(35,490,738)	(151,759,956)	215,963,647
Cash and cash equivalents at beginning of the year	239,077,430	390,837,386	174,873,739
Cash and cash equivalents at end of the year	203,586,692	239,077,430	390,837,386
Supplemental disclosure of cash flow information:
Interest expenses paid	20,048,704	13,678,165	1,481,293
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment with unpaid costs accrued within other current liabilities	136,476,992	139,578,631	172,981,034
Exchange of Public and Private warrants by issuance of ordinary shares	105,931,381
Issuance of ordinary shares to settle bonus		1,355,772	1,016,622
Accrued offering costs		¥ 4,039,468	¥ 9,164,827

Share-Based Compensation (Details) - Schedule of Key Assumptions are Listed - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Key Assumptions are Listed [Line Items]
Expected volatility	24.00%	25.00%
Risk-free interest rate (per annum)	5.02%
Exercise multiple (in Dollars per share)	$ 2.8
Expected dividend yield	0.00%	0.00%	0.00%
Expected term(in years)	10 years	10 years	10 years
Fair value of the underlying ordinary share (in Dollars per share)		$ 1.86
Minimum [Member]
Schedule of Key Assumptions are Listed [Line Items]
Expected volatility			24.74%
Risk-free interest rate (per annum)		2.50%	2.47%
Exercise multiple (in Dollars per share)		$ 2.5	$ 2.5
Fair value of the underlying ordinary share (in Dollars per share)	$ 0.43		$ 0.88
Maximum [Member]
Schedule of Key Assumptions are Listed [Line Items]
Expected volatility			25.00%
Risk-free interest rate (per annum)		2.80%	2.53%
Exercise multiple (in Dollars per share)		$ 2.8	$ 2.8
Fair value of the underlying ordinary share (in Dollars per share)	$ 0.83		$ 1.49

Bank Borrowings (Details) - Schedule of Bank Borrowings - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Bank Borrowings [Abstract]]
Short-term borrowings	¥ 527,369,276	¥ 386,819,972
Long-term borrowings due within one year	10,863,245	20,987,521
Total bank borrowings, current	538,232,521	407,807,493
Total Long-term bank borrowings	16,129,615	29,787,537
Less: Long-term borrowings due within one year	(10,863,245)	(20,987,521)
Bank borrowings, non-current	¥ 5,266,370	¥ 8,800,016

Loss Per Share (Details) - Schedule of Net Loss Per Share - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to shareholders of the Company	¥ (876,250,383)	¥ (742,645,232)	¥ (381,721,019)
Denominator:
Basic and diluted weighted average number of ordinary shares	154,188,667	128,096,505	121,582,945
Basic and diluted loss per ordinary share (in RMB)	¥ (5.68)	¥ (5.8)	¥ (3.14)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

Contract Liabilities (Details) - CNY (¥)	12 Months Ended
Contract Liabilities (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Contract Liabilities (Details) [Line Items]
Deferred revenue	¥ 6,621,018	¥ 4,061,794
Deferred revenue recognized	1,349,357	750,618
Contract liabilities	5,271,661	3,311,176
Revenue recognized contract liability	¥ 21,880,042	¥ 13,829,722
Minimum [Member]
Contract Liabilities (Details) [Line Items]
Number of years expected to be recognized	2 years	2 years
Maximum [Member]
Contract Liabilities (Details) [Line Items]
Number of years expected to be recognized	10 years	10 years

Leases (Details) - Schedule of Maturities of Operating Lease liabilities - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Maturities of Operating Lease liabilities [Abstract]
Year ending December 31, 2024	¥ 273,436,745
2025	261,218,811
2026	227,095,265
2027	167,770,657
2028	116,205,068
Thereafter	107,383,356
Total undiscounted lease payments	1,153,109,902
Less: imputed interest	(244,543,417)
Total lease liabilities	¥ 908,566,485	¥ 1,000,717,229

Income Tax (Details) - Schedule of Income Tax Expense - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax (Details) - Schedule of Income Tax Expense [Line Items]
Total current tax provision	¥ 97,241
Total deferred tax expense
Total income tax expense	97,241
Chinese Mainland [Member]
Income Tax (Details) - Schedule of Income Tax Expense [Line Items]
Total current tax provision	97,241
Others [Member]
Income Tax (Details) - Schedule of Income Tax Expense [Line Items]
Total current tax provision
Total deferred tax expense
The PRC, excluding Hong Kong [Member]
Income Tax (Details) - Schedule of Income Tax Expense [Line Items]
Total deferred tax expense

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Inventories

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Inventories

Inventories consist of the following:

	December 31, 2023		December 31, 2022
Food, beverage and packaged products		38,253,329		52,713,996
Merchandise for e-commerce sales		2,659,789		14,164,790
Others		9,805,731		4,588,731
		50,718,849		71,467,517

Provision for Inventories write-down was RMB11,589,111, RMB387,999 and nil for the years ended December 31, 2023, 2022 and 2021, respectively.

Other Current Liabilities (Details)		1 Months Ended
Other Current Liabilities (Details)	Sep. 28, 2022 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Dec. 31, 2023 shares	Sep. 28, 2022 CNY (¥) shares	Sep. 28, 2022 USD ($) shares
Other Current Liabilities (Details) [Line Items]
Service fee \| $	$ 2,000,000	$ 1,000,000	$ 3,000,000
Fair value of options					¥ 1,777,675	$ 250,000
Options [Member]
Other Current Liabilities (Details) [Line Items]
Fair value of options					¥ 2,833,080	$ 400,000
Ordinary Shares [Member]
Other Current Liabilities (Details) [Line Items]
Shares issued (in Shares) \| shares				14,000,000	200,000	200,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

Commitments and Contingencies

14.

Commitments and Contingencies

Pursuant to the master development agreement (see note 1), the Company is required to pay an upfront franchise fee for each Company owned and operated store and franchise store, and a continuing franchise fee for each Company owned and operated store and franchise store, calculated as certain percentage of the store’s monthly gross sales, depending on when the store is opened. The upfront franchise fee and continuing franchise fee were RMB27,832,441 and RMB52,186,184 for the year ended December 31, 2023, and RMB23,553,799 and RMB31,882,569 for the year ended December 31, 2022, respectively. The outstanding accrued franchise fee due to THRI were RMB44,809,370 and RMB10,390,081 and due to PLK were RMB1,002,196 and nil as of December 31, 2023 and 2022, respectively, which was recorded as amount due to related parties in the Consolidated Balance Sheets.

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue [Abstract]

Schedule of Revenue

Revenue consist of the following:

	For the Years Ended December 31,
	2023		2022		2021
Sales of food, beverage and packaged products by Company owned and operated stores		1,405,401,977		938,096,823		617,226,090
Franchise fees		15,443,024		4,537,599		1,923,149
Revenues from other franchise support activities		66,878,149		18,965,417		9,469,639
Revenues from wholesale activities		27,204,236		6,533,166		-
Revenue from e-commerce sales		59,067,398		41,635,451		13,117,118
Revenues from other activities		1,785,396		1,295,310		1,207,805
Provision of consumer research service to THRI		-		-		428,148

Total revenues		1,575,780,180		1,011,063,766		643,371,949

Popeyes Transaction (Details)			12 Months Ended
Popeyes Transaction (Details)	Mar. 30, 2023 CNY (¥)	Mar. 30, 2023 USD ($)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2026 shares	Dec. 31, 2023 USD ($) shares	Mar. 30, 2023 USD ($)	Dec. 31, 2022 CNY (¥) shares
Popeyes Transaction [Line Items]
Outstanding shares percentage	100.00%	100.00%
Percentage of exempted holding.	10.00%	10.00%
Contractual term	10 years	10 years
Cash \| ¥			¥ 517,065					¥ 212,598
Ordinary shares issued (in Shares)			166,217,880			166,217,880		149,181,538
Ordinary shares issued value \| ¥			¥ 9,733					¥ 8,616
Share capital			742	$ 108
Additional paid-in capital \| ¥			¥ 1,807,715,296					¥ 1,472,014,651
Annual revenue percentage			3.00%			3.00%
Volume weighted average price			85.00%			85.00%
Divided \| $				$ 350,000,000
Divided percentage			85.00%	85.00%
Amount due to related parties	¥ 66,130,560	$ 9,600,000
Fair value of Deferred Contingent consideration			¥ 26,106,460			$ 3,700,000
Forfeiture feature			6,544,170	$ 950,000
Intangible asset			26,624,439	3,865,000
Additional paid-in capital			91,859,481			$ 13,335,000
Legal fees			¥ 9,743,037	1,414,371
Common Stock [Member]
Popeyes Transaction [Line Items]
Ordinary shares issued (in Shares)			11,466,574			11,466,574
Ordinary shares issued value			¥ 265,555,530			$ 38,550,000
Forecast [Member] \| Common Stock [Member]
Popeyes Transaction [Line Items]
Ordinary shares issued (in Shares)					286,664
PLKC HK International Limited [Member]
Popeyes Transaction [Line Items]
Percentage of exempted holding.	90.00%	90.00%
Popeyes China Franchisee [Member]
Popeyes Transaction [Line Items]
Contractual term	20 years	20 years
TH International Limited [Member]
Popeyes Transaction [Line Items]
Cash	¥ 206,658,000						$ 30,000,000
Holdings IV [Member]
Popeyes Transaction [Line Items]
Additional paid-in capital			¥ 265,554,788			$ 38,549,892
Holdings IV [Member] \| Common Stock [Member]
Popeyes Transaction [Line Items]
Ordinary shares issued (in Shares)			10,319,917			10,319,917
PLK [Member]
Popeyes Transaction [Line Items]
Cash			¥ 206,658,000			$ 30,000,000
Forfeiture feature			¥ 325,141,920	$ 47,200,000
PLK [Member] \| Common Stock [Member]
Popeyes Transaction [Line Items]
Ordinary shares issued (in Shares)			1,146,657			1,146,657

Income Tax (Details) - Schedule of Income Tax Rate	12 Months Ended
Income Tax (Details) - Schedule of Income Tax Rate	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Income Tax Rate [Abstract]
PRC statutory tax rate	(25.00%)	(25.00%)	(25.00%)
Effect of tax rate differential for non-PRC entities	7.10%	7.90%	0.70%
Effect of non-deductible expenses	0.60%	0.10%	0.30%
Change in valuation allowance	17.30%	17.00%	24.00%
Actual income tax rate

Intangible Assets, Net (Details)	Mar. 30, 2023 USD ($)
Intangible Assets, Net [Abstract]
Franchise right	$ 5,279,371
Amortization period	20 years

Popeyes Transaction

12 Months Ended

Dec. 31, 2023

Popeyes Transaction [Abstract]

Popeyes Transaction

Popeyes Transaction

On March 30, 2023 (the “acquisition date”), TH International Limited entered into a share purchase agreement (the “Popeyes SPA”) with Pangaea Three Acquisition Holdings IV, Limited (“Holdings IV”) and PLK to acquire 100% of the outstanding shares of PLKC International Limited (“Popeyes China”), a Cayman Islands exempted company from Holdings IV (90%) and PLK (10%), which are related parties of the Company as Holdings IV and PLK are subsidiaries of Cartesian Capital Group, LLC and THRI respectively (“Popeyes Transaction”). Pursuant to the Popeyes master development agreement signed between PLKC HK International Limited (“Popeyes China Franchisee”), a limited liability company organized and existing under the laws of Hong Kong and a wholly owned subsidiary of Popeyes China and PLK, effective from March 30, 2023, with an initial contractual term of 20 years (“The Popeyes Master Franchise Right”), the Company acquired the exclusive franchise right authorized by PLK, and is authorized to develop and operate stores branded “Popeyes” throughout the Chinese Mainland and Macau. Popeyes China Franchisee has the option to extend the initial term for 10 years, subject to achieving certain agreed-upon milestones of cumulative store opening targets by the end of each development year. The Popeyes master development agreement also sets out terms related to development obligations, services and related obligations, fees, system standards and manuals, insurance obligations, relationship of the parties and indemnification, inspections and assignments, termination, rights and obligations upon termination or expiration, and other general provisions. On the acquisition date, Popeyes China and Popeyes China Franchisee did not have any business operations nor employees, and did not have assets and liabilities other than the Popeyes Master Franchise Right and US$30,000,000 (equivalent to RMB206,658,000) in cash. Accordingly, the Company accounted for this transaction as an asset acquisition.

On the acquisition date, the Company issued a total of 11,466,574 ordinary shares (among which 10,319,917 ordinary shares were issued to Holdings IV and 1,146,657 ordinary shares were issued to PLK) with lock-up periods of 18 months from issuance date, in exchange for all of the outstanding shares of Popeyes China. The fair value of the ordinary shares issued was US$38,550,000 (equivalent to RMB265,555,530) (the “Non-contingent Consideration”) at acquisition day and was recorded in share capital of US$108 (equivalent to RMB742) and additional paid-in capital of US$38,549,892 (equivalent to RMB265,554,788).

In accordance with the Popeyes SPA for the acquisition of Popeyes China, the Company is also obligated to issue an additional number of ordinary shares to Holdings IV and PLK, based on the ratio of 90:10 and with lock-up periods of 18 months from the issuance date as annual deferred contingent consideration, which is calculated as: (a) 3% of annual revenue of Popeyes China; divided by (b) 85% of the volume-weighted average price (VWAP) of the Company’s shares during the forty (40) trading days ended the last trading day of the applicable fiscal year as long as the Popeyes Master Franchise Right is in effect. In addition, the Company may at any time after the acquisition date, and at its sole option, pay a lumpsum deferred contingent consideration, plus any unpaid accrued annual deferred contingent consideration. If the Company pays such lumpsum deferred contingent consideration, it will not need to pay any further annual deferred contingent consideration. Such lumpsum deferred contingent consideration will be settled by issuing an additional number of ordinary shares with lock-up periods of 18 months from the issuance date to Holdings IV and PLK based on the ratio of 90:10, which is calculated as: (a) US$35,000,0000, divided by (b) 85% of the VWAP of the Company’s shares during the forty (40) trading days ended as of the date of notifying the exercise of this option. The fair value of the annual deferred contingent consideration inclusive of the lumpsum deferred contingent consideration prepayment settlement feature (collectively “Deferred Contingent Consideration”), was determined as US$9,600,000 (equivalent to RMB66,130,560) as of March 30, 2023 and recorded as an amount due to related parties (see Note 27). The Deferred Contingent Consideration is in the scope of ASC480 since the instrument embodies an unconditional obligation that the Company must settle by issuing a variable number of its equity shares and, at inception, the monetary value of the obligation is based predominantly on variations in something other than the fair value of the Company’s equity shares. It is measured initially at fair value and subsequently at fair value with changes in fair value recognized in earnings. For the year ended December 31, 2023, the Company recognized US$3,700,000 (equivalent to RMB26,106,460) in the Changes in fair value of Deferred Contingent consideration.

In addition, if the number of Popeyes Restaurants opened by Popeyes China on or prior to December 31, 2026 (net of store closures) exceeds Cumulative Opening Target (as defined in the Popeyes master development agreement as amended) for store openings through such date, PLK shall surrender to the Company or one or more of its designees and forfeit for no consideration, 286,664 of the Company’s ordinary shares it received from the Popeyes Transaction to be included in the Company’s Employee Stock Ownership Plan pool (“Potential PLK forfeiture”). The fair value of this forfeiture feature was determined as US$950,000 (equivalent to RMB6,544,170) and recorded as a reduction of additional paid-in capital, and a reduction of the acquisition cost of intangible asset for the same amount. The Potential PLK forfeiture is accounted for as an equity-linked financial instrument initially measured at fair value. Since the instrument is considered indexed to the Company’s own shares and qualifies for equity classification, there will be no subsequent remeasurement of the instrument.

The total fair value of the Non-contingent Consideration, the Deferred Contingent Consideration less the Potential PLK forfeiture feature was US$47,200,000 (equivalent to RMB325,141,920), and was allocated to intangible asset of US$3,865,000 (equivalent to RMB26,624,439), cash of US$30,000,000 (equivalent to RMB206,658,000) and a reduction of additional paid-in capital of US$13,335,000 (equivalent to RMB91,859,481) as cost of financing. The acquisition cost of the intangible asset pertains to the annual deferred contingent consideration and lumpsum deferred contingent consideration attributed to PLK less the fair value of the Potential PLK forfeiture. The Company also incurred legal fees and other transaction costs of US$1,414,371 (equivalent to RMB9,743,037) which is capitalized in the cost of intangible asset.

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expenses and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

	December 31, 2023		December 31, 2022
Creditable input VAT		116,961,568		69,665,847
Short-term deposits		6,246,420		3,468,215
Receivables from payment processors and aggregators		15,353,813		10,217,082
Prepaid marketing expenses		5,977,121		11,582,119
Others		15,048,290		13,341,468
		159,587,212		108,274,731

Other Income (Tables)

12 Months Ended

Dec. 31, 2023

Other Income [Abstract]

Schedule of Other Income

Other Income consists of the following:

	For the Years Ended December 31,
	2023		2022		2021
Government grants		9,945,338		5,996,537		3,319,871
Others		1,906,503		1,155,918		156,000

Total other income		11,851,841		7,152,455		3,475,871

Related Parties (Details) - Schedule of Related Parties	12 Months Ended
Related Parties (Details) - Schedule of Related Parties	Dec. 31, 2023
Cartesian Capital Group, LLC
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Related parties relationship	Ultimate controlling party
Pangaea Two, LP
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Related parties relationship	Intermediate holding company
Pangaea Two Acquisition Holdings XXIIA, Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Related parties relationship	Parent company
Tim Hortons Restaurants International GmbH
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Related parties relationship	Shareholder of the Company
Pangaea Three Acquisition Holdings IV, Limited
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Related parties relationship	A subsidiary of ultimate holding company and shareholder of the Company subsequent to March 30, 2023
TDL Group Corp
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Related parties relationship	A subsidiary of investor’s ultimate holding company
Pangaea Data Tech (Shanghai) Co., Ltd
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Related parties relationship	A subsidiary of investor’s ultimate holding company
PLK APAC Pte. Ltd.
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Related parties relationship	A subsidiary of investor’s ultimate holding company

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 HKD ($)
Summary of Significant Accounting Policies [Line Items]
Incurred net losses	¥ (872,926,433)	¥ (744,748,251)	¥ (382,929,166)
Net operating cash outflow		196,000,000
Net current liabilities		937,000,000
Accumulated losses	(2,256,423,775)	(1,380,173,392)
Deposits	17,207,785	11,631,710
Allowance for doubtful accounts balance	4,958,889	2,356,034
Delivery Costs Incurred	116,959,484	73,615,391	38,604,864
Impairment of Long-Lived Assets to be Disposed of	111,426,961	7,222,765	1,001,880
Employee social benefits	83,363,011	87,557,303	60,189,806
Advertising and promotional costs	¥ 102,184,771	¥ 81,017,100	¥ 50,316,856
Recognized income tax positions rate	50.00%
Reportable segment	1
Percentage of after tax profit	10.00%			10.00%
Percentage of registered capital	50.00%			50.00%
Restricted net assets	¥ 1,006,561,220
Percentage of pretax income	5.00%			5.00%
RMB [Member]
Summary of Significant Accounting Policies [Line Items]
Deposits	¥ 500,000
Hong Kong [Member]
Summary of Significant Accounting Policies [Line Items]
Deposits \| $				$ 500,000
Franchise [Member]
Summary of Significant Accounting Policies [Line Items]
Straight-line basis over the initial term	20 years			20 years
Upfront franchise fees \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Straight-line basis over the initial term	12 years			12 years
Upfront franchise fees \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Straight-line basis over the initial term	2 years			2 years
THHK \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Equity interest rate	100.00%			100.00%
Revenues [Member]
Summary of Significant Accounting Policies [Line Items]
Reportable segment	2
Furniture and office equipment \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	15 years			15 years
Furniture and office equipment \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	3 years			3 years
Kitchen equipment \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	12 years			12 years
Kitchen equipment \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	4 years			4 years
Software and Software Development Costs [Member] \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	5 years			5 years
Software and Software Development Costs [Member] \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	3 years			3 years

Other Non-Current Assets (Details) - Schedule of Other Non-Current Assets - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Other Non-Current Assets [Abstract]
Long-term rental deposits	¥ 68,415,741	¥ 82,270,359

Share-Based Compensation (Details)						12 Months Ended
Share-Based Compensation (Details)	Oct. 16, 2023 USD ($) shares	Jun. 05, 2023 shares	Sep. 28, 2022 CNY (¥) shares	Jun. 07, 2022 shares	Mar. 19, 2019 shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares
Share-Based Compensation (Details) [Line Items]
Share option granted								460,756
Percentage of tranche						25.00%	25.00%
Original option units ordinary shares						3,263,456	3,263,456
Restricted share units				174,544
Share option units						276,872	276,872
Share option exercise price per share (in Dollars per share) \| $ / shares							$ 0.6
Accrued bonus (in Dollars) \| $							$ 3,769,622
Exercisable after pre-requisite service period						3 years	3 years
Restricted share units
Total fair value (in Dollars) \| $	$ 268,542
Share-based compensation expense (in Dollars) \| $							$ 268,542
General and administrative expenses (in Yuan Renminbi) \| ¥						¥ 1,928,084
Share-based compensation (in Yuan Renminbi) \| ¥						¥ 64,476,991		¥ 74,686,711
Common Stock [Member]
Share-Based Compensation (Details) [Line Items]
Share option exercise price per share (in Dollars per share) \| $ / shares							$ 1.2
Common Stock [Member]
Share-Based Compensation (Details) [Line Items]
Share option granted						2,660,744	2,660,744
2019 Share Option Scheme [Member]
Share-Based Compensation (Details) [Line Items]
Share option granted					50,000,000
Equivalent to ordinary shares			14,486,152		14,486,152
L&L Tomorrow Holdings Limited [Member]
Share-Based Compensation (Details) [Line Items]
Restricted share units	150,024
Original Option Units [Member]
Share-Based Compensation (Details) [Line Items]
Share option granted						2,614,947	2,614,947	1,666,000
Equivalent to ordinary shares						757,550	757,550
Share Option Units [Member]
Share-Based Compensation (Details) [Line Items]
Share option granted									7,194,000
Equivalent to ordinary shares								482,666	2,084,268
Share-based compensation (in Yuan Renminbi) \| ¥			¥ 33,194,871
Share Option Units [Member] \| Common Stock [Member]
Share-Based Compensation (Details) [Line Items]
Share option granted						11,264,951	11,264,951
Additional Stock options [Member]
Share-Based Compensation (Details) [Line Items]
Share option granted						460,756	460,756
Original option units ordinary shares								12,579,311
Restricted share units								3,514,114
Share option units						955,643	955,643
Cash bonus payable (in Yuan Renminbi) \| ¥								¥ 3,520,177	¥ 3,769,622
Ordinary shares after share split						270,527	270,527
Pre-requisite service period						933,742	933,742
Additional Stock options [Member] \| Common Stock [Member]
Share-Based Compensation (Details) [Line Items]
Share option granted									133,494
Accrued bonus (in Dollars) \| $							$ 3,520,177
Award Components Two [Member]
Share-Based Compensation (Details) [Line Items]
Ordinary shares after share split						133,494	133,494
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation (Details) [Line Items]
Share option granted						9,184,482	9,184,482
Original option units ordinary shares						138,074	138,074
Restricted share units
Additional option units and restricted share units (in Yuan Renminbi) \| ¥						¥ 62,548,907		¥ 44,421,298

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

29.

Subsequent Events

On March 7, 2024 and March 20, 2024, the Company executed junior promissory notes (as borrower) with Pangaea Three Acquisition Holdings IV, Limited, a Cayman Islands limited liability company and the existing shareholder and a related party of the Company as disclosed in note 27 (as lender), with principal of US$5 million and US$15 million, respectively. The junior promissory notes were due on April 7, 2024 and April 20, 2024 and were subsequently extended to August 31, 2024 thereafter. The junior promissory notes carried an annual interest rate equal to the latest one-month term Secured Overnight Financing Rate reference rate as published by the CME Group Benchmark Administration plus 8.0%.

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consist of the following:

	Amortization
	Period (years)	December 31, 2023			December 31, 2022
Franchise right - authorized by THRI	20		70,827,000			69,646,000
Franchise right – authorized by PLK	20		37,392,202			-
Franchise right - upfront franchise fees	2-12		78,090,549			51,035,322
Less: accumulated amortization			(38,861,509	)		(24,663,009	)

Intangible assets, net			147,448,242			96,018,313

Schedule of Amortization of Intangible Assets

Amortization of intangible assets is charged to Store depreciation and amortization and Franchise and royalty expenses as follows:

	Year ended December 31, 2023		Year ended December 31, 2022
Store depreciation and amortization		7,350,532		5,606,317
Franchise and royalty expenses		6,762,338		3,712,684
Total		14,112,870		9,319,001

Schedule of Estimated Future Amortization Expenses

The estimated future amortization expenses related to the intangible assets are set forth as follows:

Year ended December 31, 2024			18,973,236
2025			18,630,192
2026			17,362,510
2027			14,243,307
2028			11,234,343
Thereafter			67,004,654
			147,448,242

Revenue

12 Months Ended

Dec. 31, 2023

Revenue [Abstract]

Revenue

20.

Revenue

Revenue consist of the following:

	For the Years Ended December 31,
	2023		2022		2021
Sales of food, beverage and packaged products by Company owned and operated stores		1,405,401,977		938,096,823		617,226,090
Franchise fees		15,443,024		4,537,599		1,923,149
Revenues from other franchise support activities		66,878,149		18,965,417		9,469,639
Revenues from wholesale activities		27,204,236		6,533,166		-
Revenue from e-commerce sales		59,067,398		41,635,451		13,117,118
Revenues from other activities		1,785,396		1,295,310		1,207,805
Provision of consumer research service to THRI		-		-		428,148

Total revenues		1,575,780,180		1,011,063,766		643,371,949

All of the property and equipment of the Company are physically located in the PRC. The geographical location of customers is based on the location at which the customers operate and all of the Company’s revenue is derived from operations in the PRC for the years ended December 31, 2023, 2022 and 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Leases (Details) - Schedule of Rental Expense - CNY (¥)	12 Months Ended
Leases (Details) - Schedule of Rental Expense - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Rental Expense [Abstract]
Operating lease cost	¥ 286,515,922	¥ 254,209,990
Variable lease cost	22,674,718	(3,718,849)
Short-term lease cost	200,918	113,048
Total rental expense	¥ 309,391,558	¥ 250,604,189

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

15.

Leases

The Company leased over 600 company-owned stores and office space as of December 31, 2023. Most leases provide for fixed monthly payment and certain leases also include provisions for contingent rent, determined as a percentage of sales.

Generally, the Company does not have renewal options for leases. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of rental expense were summarized as follows:

	December 31, 2023		December 31, 2022
Operating lease cost		286,515,922		254,209,990
Variable lease cost		22,674,718		(3,718,849	)
Short-term lease cost		200,918		113,048
Total rental expense		309,391,558		250,604,189

The Company was granted RMB2,971,616 and RMB16,816,763 in lease concessions from landlords related to the effects of the COVID-19 pandemic for the years ended December 31, 2023 and 2022. The lease concessions were primarily in the form of rent reduction over the period when the Company’s business was adversely impacted. The Company applied the interpretive guidance in a FASB staff question-and-answer document issued in April 2020 and elected not to evaluate whether a concession received in response to the COVID-19 pandemic is a lease modification and to assume such concession was contemplated as part of the existing lease contract. Such concession was recognized as negative variable lease cost in the period the concession was granted.

Amounts reported in the consolidated balance sheet as of December 31, 2023 and 2022 were as follows:

	December 31, 2023		December 31, 2022
Assets
Operating lease right-of-use assets		849,079,096		946,872,784

Liabilities
Current
Current operating lease liabilities		200,877,880		180,468,426
Non-current
Non-current operating lease liabilities		707,688,605		820,248,803
Total operating lease liabilities		908,566,485		1,000,717,229

Other information related to operating leases as of December 31, 2023 and 2022 were as follows:

	December 31, 2023			December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities		260,608,094			206,073,929
Right-of-use assets obtained in exchange for new lease liabilities		219,997,957			241,609,016
Weighted-average remaining lease term (years)		4.35			5.61
Weighted-average discount rate		6.23	%		5.96	%

Maturities of operating lease liabilities under non-cancellable leases as of December 31, 2023 are as follows:

	Operating lease commitments
Year ending December 31, 2024		273,436,745
2025		261,218,811
2026		227,095,265
2027		167,770,657
2028		116,205,068
Thereafter		107,383,356

Total undiscounted lease payments		1,153,109,902

Less: imputed interest		(244,543,417	)

Total lease liabilities		908,566,485

Bank Borrowings

12 Months Ended

Dec. 31, 2023

Bank Borrowings [Abstract]]

Bank Borrowings

12.

Bank Borrowings

	December 31, 2023		December 31, 2022
Short-term borrowings		527,369,276		386,819,972
Long-term borrowings due within one year		10,863,245		20,987,521
Total bank borrowings, current		538,232,521		407,807,493

	December 31, 2023			December 31, 2022
Total Long-term bank borrowings		16,129,615			29,787,537
Less: Long-term borrowings due within one year		(10,863,245	)		(20,987,521	)
Bank borrowings, non-current		5,266,370			8,800,016

The Company’s subsidiaries entered into RMB and USD denominated credit facility agreements with commercial banks in the PRC, which allow the Company to draw down borrowings up to RMB990,000,000 and US$25,000,000 as of December 31, 2023. As of December 31, 2023, the unused credit limits under credit facility agreements were RMB469,467,303.

Certain credit facilities contain covenant to meet the financial performance, If the Company fail to comply with these covenants and is not able to obtain covenant waivers or modifications, the banks could accelerate the indebtedness. As of and for the year ended December 31, 2023, the Company was in compliance with these financial covenants.

As of December 31, 2023 and 2022, the outstanding short-term bank borrowings balance under those credit facility agreements bore interest rates ranging from 2.75% to 4.60% and 3.50% to 4.50% per annum, respectively.

As of December 31, 2023 and 2022, the outstanding long-term bank borrowings balance under those credit facility agreements bore interest rates ranging from 4.00% to 4.60% and 4.20% to 4.60% per annum, respectively.

The aggregate maturities of the above long-term bank borrowings for each year subsequent to December 31, 2023 are summarized as follows:

	RMB
2024		10,863,245
2025		5,266,370
2026		-
Thereafter		-
		16,129,615

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Parent Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Condensed Balance Sheets

	As of December, 31
	2023		2022
	RMB		RMB

ASSETS
Current assets
Cash		2,319,427		29,472,174
Short-term investments		-		372,375,701
Amounts due from subsidiaries		51,198,256		298,205,305
Prepaid expenses and other current assets		3,665,297		3,656,415
Total current assets		57,182,980		703,709,595
Non-current assets
Intangible assets, net		51,054,462		53,685,458
Total non-current assets		51,054,462		53,685,458
Total assets		108,237,442		757,395,053

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Derivative financial liabilities		-		269,251,436
Other current liabilities		20,532,039		6,129,649
Total current liabilities		20,532,039		275,381,085
Non-current liabilities
Derivative financial liabilities - non-current		-		19,083,004
Amount due to related parties		94,199,910
Convertible notes, at fair value		420,712,380		354,080,264
Total non-current liabilities		514,912,290		373,163,268
Total liabilities		535,444,329		648,544,353

	As of December, 31
	2023			2022
	RMB			RMB
Shareholders’ equity (deficit)
Ordinary shares		9,733			8,616
Additional paid-in capital		1,807,715,296			1,472,014,651
Accumulated losses		(2,256,423,775	)		(1,380,173,392	)
Accumulated other comprehensive income		21,491,865			17,000,825
Total shareholders’ (deficit) equity		(427,206,881	)		108,850,700

Total liabilities and shareholders’ (deficit) equity		108,237,442			757,395,053

Schedule of Condensed Statements of Operations

Condensed Statements of Operations

	For the Years Ended December 31,
	2023			2022			2021
	RMB			RMB			RMB

General and administrative expenses		103,314,272			88,435,187			1,976,807
Franchise and royalty expenses		3,527,900			3,378,650			3,223,700
Other income		-			(337,865	)		-
Total costs and expenses, net		106,842,172			91,475,972			5,200,507

Operating loss		(106,842,172	)		(91,475,972	)		(5,200,507	)

Equity in loss of subsidiaries		(628,343,362	)		(506,340,297	)		(370,940,089	)
Interest income		7,641,583			359,607			-
Foreign currency transaction loss		(6,944	)		(125	)		(3,422	)
Changes in fair value of Deferred Contingent consideration		(26,106,460	)		-			-
Changes in fair value of convertible notes		(58,280,908	)		(4,493,605	)		(5,577,001	)
Changes in fair value of warrant liabilities		(83,966,126	)		45,903,468			-
Changes in fair value of ESA derivative liabilities		19,654,006			(186,598,308	)		-

Loss before income taxes		(876,250,383	)		(742,645,232	)		(381,721,019	)

Income tax expenses		-			-			-

Net loss		(876,250,383	)		(742,645,232	)		(381,721,019	)

Schedule of Condensed Statements of Comprehensive Loss

Condensed Statements of Comprehensive Loss

	For the Years Ended December 31,
	2023			2022			2021
	RMB			RMB			RMB
Net loss		(876,250,383	)		(742,645,232	)		(381,721,019	)
Other comprehensive income (loss)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes		(2,116,740	)		(1,520,393	)		(548,029	)
Unrealized gain on short-term investments, net of nil income taxes		3,584,872			2,133,528			-
Amounts reclassified from accumulated other comprehensive income		(5,718,400	)		-			-
Foreign currency translation adjustment, net of nil income taxes		8,741,308			(19,356,001	)		(2,889,641	)

Total comprehensive loss		(871,759,343	)		(761,388,098	)		(385,158,689	)

Scheduel of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	For the Years Ended December 31,
	2023			2022			2021
	RMB			RMB			RMB
Net cash used in operating activities		(33,401,467	)		(7,345,572	)		(1,122,560	)
Net cash provided by (used in) investing activities		53,570,674			(895,671,288	)		(294,289,816	)
Net cash provided by (used in) financing activities		(46,058,129	)		621,610,726			597,662,648
Effect of foreign currency exchange rate changes on cash		(1,263,825	)		(2,424,651	)		2,788,102
Net (decrease) / increase in cash		(27,152,747	)		(283,830,785	)		305,038,374
Cash at beginning of year		29,472,174			313,302,959			8,264,585
Cash at end of year		2,319,427			29,472,174			313,302,959

Supplemental disclosure of non-cash investing and financing activities:
Accrued offering costs paid by subsidiaries of TH International Limited		-			4,039,468			3,623,684

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Preparation and Principles of Consolidation

Fiscal Calendar

The Company’s fiscal year is from January 1 to December 31.

Use of Estimates

Foreign Currency Transaction and Translation

Risks and Concentration

Foreign exchange risk

The management does not expect that there will be any significant currency risk for the Company during the reporting periods.

Concentration of credit risk

The Company has no significant concentrations of credit risk with respect to its prepaid expenses and other current assets.

Concentration of operating risk

Cash and cash equivalents and Time deposits

Cash and cash equivalents and time deposit are deposited in financial institutions at below locations:

	December 31, 2023		December 31, 2022

Cash on hand		517,065		212,598

Financial institutions in Mainland China
—Denominated in RMB		121,237,473		102,427,994
—Denominated in USD		86,161,529		69,063,161
Total balance of cash and cash equivalents and time deposits held at Mainland China financial institutions		207,399,002		171,491,155

Financial institutions in HKSAR
—Denominated in RMB		4,739		5,192
—Denominated in USD		12,831,286		67,368,485
Total balance of cash held at the HKSAR financial institutions		12,836,025		67,373,677

Total balance of cash and cash equivalents and time deposits held at financial institutions		220,235,027		238,864,832
Total balance of cash and cash equivalents and time deposits		220,752,092		239,077,430

Revenue Recognition

Sales of food, beverage and packaged products by Company owned and operated stores

The Company generates majority of its revenue from sales of food, beverage and packaged products to customers by Company owned and operated stores. The revenue amounts exclude sales-related taxes.

For customers who visit the Company’s stores, sales revenue is recognized when Company satisfies its obligation by transferring control of the good to the customer.

Franchise fees

Franchise fees primarily include upfront franchise fees, continuing fees and revenue from advertising services.

Revenues from other franchise support activities

Loyalty program

Revenue from e-commerce sales and wholesale products

Beginning from year 2022, the Company generated revenue from wholesale of canned coffee beverage and packaged coffee extract. The Company recognizes revenue when the control of the goods is transferred to the customers, which occurs upon the delivery of goods.

Accounts receivable and current expected credit losses

Receivables from Payment Processors and Aggregators

Deferred Offering Costs

Inventories

Property and Equipment

Internal Development Costs

Intangible Assets

Delivery Costs

Impairment of Long-Lived Assets

Employee Benefits

Share-Based Compensation

Asset Retirement Obligations

Commitments and Contingencies

Non-controlling Interests

Leases

The Company does not have finance leases for the years ended December 31, 2023, 2022 and 2021.

Marketing Expenses

Government Subsidies

Income Taxes

Loss Per Share

Operating Segments

Fair Value Measurements

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

As of December 31, 2023 and 2022, the carrying amounts of other financial instruments approximate their fair value due to their short-term nature.

Statutory Reserve

As of December 31, 2023, the paid-in capitals of the PRC subsidiaries in the amount of RMB 1,006,561,220 are the Company’s restricted net assets.

Changes In Accounting Principle

The following table summarizes the effect on the consolidated balance sheet as a result of adopting ASC 842.

	December 31, 2021			Effect of Adoption			January 1, 2022
	RMB			RMB			RMB

Prepaid expenses and other current assets		142,838,295			(15,272,677	)(a)		127,565,618
Operating lease right-of-use assets		-			853,553,284	(b)		853,553,284
Lease liabilities-current		-			(133,024,693	)(c)		(133,024,693	)
Other current liabilities		(286,078,575	)		4,351,416	(d)		(281,727,159	)
Lease liabilities-non-current		-			(752,579,348	)(c)		(752,579,348	)
Other non-current liabilities		(47,167,706	)		42,972,018	(d)		(4,195,688	)

(a) Represents the current portion of prepaid rental expenses reclassified to operating lease right-of-use assets.

(b) Represents the net result of capitalization of operating lease payments and reclassification of prepaid rental expenses.

(d) Represents the reclassification of current and non-current accrued rental expenses to lease liabilities.

New accounting pronouncements

Inventories (Details) - Schedule of Inventories - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Inventories [Abstract]
Food, beverage and packaged products	¥ 38,253,329	¥ 52,713,996
Merchandise for e-commerce sales	2,659,789	14,164,790
Others	9,805,731	4,588,731
Total inventories	¥ 50,718,849	¥ 71,467,517

Summary of Significant Accounting Policies (Details) - Schedule of Cash and Cash Equivalents and Time Deposit are Deposited in Financial Institutions - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash on hand	¥ 517,065	¥ 212,598
Total cash balances	220,752,092	239,077,430
Mainland China [Member]
Cash and Cash Equivalents [Line Items]
Total cash balances	207,399,002	171,491,155
Mainland China [Member] \| RMB [Member]
Cash and Cash Equivalents [Line Items]
Total cash balances	121,237,473	102,427,994
Mainland China [Member] \| USD [Member]
Cash and Cash Equivalents [Line Items]
Total cash balances	86,161,529	69,063,161
HKSAR [Member]
Cash and Cash Equivalents [Line Items]
Total cash balances	12,836,025	67,373,677
HKSAR [Member] \| RMB [Member]
Cash and Cash Equivalents [Line Items]
Total cash balances	4,739	5,192
HKSAR [Member] \| USD [Member]
Cash and Cash Equivalents [Line Items]
Total cash balances	12,831,286	67,368,485
Cayman
Cash and Cash Equivalents [Line Items]
Total balance of cash and cash equivalents and time deposits held at financial institutions	¥ 220,235,027	¥ 238,864,832

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Accounts Receivable, Net (Details) - Schedule of Accounts Receivable, Net of Allowance for Doubtful Accounts - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Accounts Receivable, Net of Allowance for Doubtful Accounts [Abstract]
Accounts receivable	¥ 32,520,398	¥ 7,973,229
Less: allowance for doubtful accounts	(4,958,889)	(2,356,034)
Accounts receivable, net	¥ 27,561,509	¥ 5,617,195

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivable, Net of Allowance for Doubtful Accounts

Accounts receivable, net of allowance for doubtful accounts consist of the following:

	December 31, 2023			December 31, 2022
Accounts receivable		32,520,398			7,973,229
Less: allowance for doubtful accounts		(4,958,889	)		(2,356,034	)
Accounts receivable, net		27,561,509			5,617,195

Schedule of Allowance for Doubtful Accounts

	December 31, 2023		December 31, 2022
Beginning balance		2,356,034		-
Provision		2,602,855		2,356,034
Ending balance		4,958,889		2,356,034

Related Parties (Details) - CNY (¥)	12 Months Ended
Related Parties (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Parties [Line Items]
Amortization expense of upfront franchise fee	¥ 1,837,556	¥ 334,034
Purchases from related party	63,400,907	49,135,749	28,168,228
Goods and services sold cost	72,109,353	36,862,860	19,521,561
Service [Member]
Related Parties [Line Items]
Goods and services sold cost	998,515	550,000
Services provided by Pangaea Data Tech (Shanghai) Co., Ltd [Member]
Related Parties [Line Items]
Expenses capitalized in property plant and equipment	¥ 7,780,377	¥ 6,656,906

Income Tax (Details) - Schedule of Deferred Income Tax Assets - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Deferred Income Tax Assets [Abstract]
Operating losses carryforwards	¥ 362,722,196	¥ 238,086,013
Contract liabilities	53,518	4,060,385
Impairment losses	28,851,871	1,969,902
Advertising expenses	4,794,938
Operating lease liabilities	227,141,621	250,179,307
Other current liabilities	39,749,439	27,925,076
Software	2,776,777	428,758
Total gross deferred tax assets	666,090,360	522,649,441
Less: valuation allowances	(426,347,838)	(275,431,351)	¥ (149,094,206)
Deferred tax assets, net of valuation allowance	239,742,522	247,218,090
Right-of-use assets	(212,269,774)	(236,718,196)
Other capitalized expense	(27,472,748)	(10,499,894)
Deferred tax liability	(239,742,522)	(247,218,090)
Deferred tax assets	239,742,522	247,218,090
Deferred tax liabilities	(239,742,522)	(247,218,090)
Net deferred tax assets

Related Parties (Details) - Schedule of Amount Due to Related Parties - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Non-current
Due to related parties	¥ 147,204,118	¥ 22,484,963
Related Party [Member]
Current
Due to related parties, current	53,004,208	22,484,963
Non-current
Due to related parties, non current	94,199,910
TDL Group Corp [Member]
Current
Due to related parties, current	4,033,513	9,690,952
Tim Hortons Restaurants International GmbH [Member]
Current
Due to related parties, current	44,809,370	10,390,081
PLK APAC Pte. Ltd.[Member]
Current
Due to related parties, current	1,002,196
Non-current
Due to related parties, non current	9,419,991
Pangaea Data Tech (Shanghai) Co., Ltd [Member]
Current
Due to related parties, current	2,209,363	1,470,000
Cartesian Capital Group, LLC [Member]
Current
Due to related parties, current	949,766	933,930
Pangaea Three Acquisition Holdings IV, Limited [Member]
Non-current
Due to related parties, non current	¥ 84,779,919

Other Non-Current Liabilities (Details) - Schedule of Other Non-Current Liabilities - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Other Non-Current Liabilities [Abstract]
Asset retirement obligations	¥ 8,682,186	¥ 7,658,309
Others	214,072	261,643
Total other non-current liabilities	¥ 8,896,258	¥ 7,919,952

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Shareholders' Equity [Abstract]

Shareholders’ Equity

24.

Shareholders’ Equity

On May 28, 2018, the Company issued 10,000 ordinary shares to THRI as consideration to acquire the entire issued capital shares of THHK.

On June 12, 2018, the Company issued 90,000 ordinary shares to Pangaea Two Acquisition Holdings XXIIB, Ltd. for a total cash consideration of US$90,000,000, which are to be settled in three equal installments in June 2018, 2019 and 2020, respectively. As of December 31, 2020, all the three installments in the amount of US$30,000,000 (equivalent to RMB192,363,000) each, have been received. Issuance cost incurred in connection with the third installment in the amount of RMB1,719,802 was charged against additional paid-in capital.

On October 26, 2020, the Company issued 1,000 and 500 ordinary shares to L&L Tomorrow Holdings Limited (an entity controlled by Mr. Lu Yongchen) and Lord Winterfell Limited (an entity controlled by Chief Marketing Officer, Ms. He Bin), respectively. The cash consideration amounted to US$1,500,000 (equivalent to RMB10,089,000) was fully paid up.

On February 26, 2021, the Company issued 15,013 ordinary shares to Pangaea Two Acquisition Holdings XXIIB, Ltd. at a cash consideration of US$45,000,000 (equivalent to RMB291,393,000). On March 1, 2021, the cash consideration has been fully paid up.

On August 11, 2021, the Board of Directors approved issuance of 178 ordinary shares of the Company to L&L Tomorrow Holdings Limited at a price per share of US$1,000 in lieu of cash bonus to Chief Executive Office, Mr. Lu Yongchen. On August 12, 2021, these shares were issued.

On June 7, 2022, the Board of Directors approved issuance of 164 pre-split ordinary shares (equivalent to 174,544 ordinary shares after share split) of the Company to L&L Tomorrow Holdings Limited in lieu of cash bonus of US$164,000 (equivalent to RMB1,355,772) due to the Chief Executive Officer, Mr. Lu Yongchen. On June 24, 2022, these shares were issued. The total fair value of such shares was US$1,487,237, resulting in share-based compensation expense of US$1,323,237 (equivalent to RMB8,608,713) recognized for the year ended December 31, 2022 as general and administrative expenses.

On September 27, 2022, the Company issued 7,745 pre-split ordinary shares (equivalent to 8,242,983 ordinary Shares after share split) to THC Hope IB Limited for nil consideration which were related to outstanding share options that have been granted as of June 30, 2022. THC Hope IB Limited is a trust established to hold securities on behalf of certain employees and members of management. These shares are considered as treasury shares because THC Hope IB Limited is a consolidated subsidiary of the Company.

On September 28, 2022, the Company issued 5,693,636 ordinary shares and 17,250,000 Public Warrants and 4,450,000 Sponsor Warrants to acquire US$3,408,651 (equivalent to RMB24,237,896) of cash of the SPAC and assumed US$8,700,000 (equivalent to RMB61,863,090) of warrant liabilities of the SPAC.

On September 28, 2022, the Company issued 5,050,000 ordinary shares and 1,200,000 PIPE Warrants in connection with the PIPE Transaction. The Company received gross proceeds of US$44,500,100 (equivalent to RMB316,426,861) and recognized US$500,000 (equivalent to RMB3,555,349) of warrant liabilities related to the PIPE Transaction.

US$12,069,689 (equivalent to RMB85,728,299) offering cost related to the Merger Transaction and PIPE Transaction incurred and charged against additional paid-in upon the consummation of Merger Transactions, of which US$580,000 (equivalent to RMB4,039,468) is liability-settled share-based payment (See Note 16) in exchange of services provided.

On September 28, 2022, the Company issued 5,000,000 ordinary shares to the ESA Investors and the Company received the subscription price of US$50,000,000 (equivalent to RMB355,535,000) in the collateral account. The Company recognized ESA derivative liabilities of US$12,400,000 (equivalent to RMB88,172,680).

On November 9, 2022, the Company issued 826,446 ordinary shares to Cantor as consideration (equivalent to RMB21,656,700) for its irrevocable commitment to purchase the ordinary shares of the Company.

On March 15, 2023, Pangaea Two Acquisition Holdings XXIIA, Ltd. (the parent company of the Company) irrevocably surrendered to the Company for nil consideration 300,000 ordinary shares of the Company. These 300,000 ordinary shares have been transferred to treasury shares and will be retained for future incentive grants to certain employees of the Company. Since these shares were repurchased by the Company for purposes other than retirement with no consideration paid, nil amount was recognized in the treasury shares balance in the consolidated balance sheet as of December 31, 2023.

On May 12, 2023, the Company offered to the holders of outstanding Public and Private warrants (“warrant holders”) for a warrant modification to issue 0.24 ordinary shares in exchange for each of the outstanding warrants tendered by the holder and exchanged pursuant to the offer (the “Offer”). Concurrently with the Offer, the Company also solicited consents from holders of the warrants to modify the Warrant Agreement, which modification will govern all of the warrants, to permit the Company to require that each warrant that is outstanding upon the closing of the Offer be exchanged for 0.216 of an ordinary share, which is a ratio 10% less than the exchange ratio applicable to the Offer. (the “Warrant modification”). Pursuant to the exchange, the Company issued an aggregate of 5,419,744 ordinary shares in June 2023 in exchange for all of its outstanding warrants, increasing the balances of ordinary shares and Additional Paid in Capital in the amount of RMB365 and RMB105,931,016, respectively.

On October 16, 2023, the Company issued 150,024 ordinary shares to L&L Tomorrow Holdings Limited as a bonus approved in 2023 to the Chief Executive Officer, Mr. Lu Yongchen. The total fair value of such shares was US$268,542, resulting in share-based compensation expense of US$268,542 (equivalent to RMB1,928,084) recognized for the year ended December 31, 2023 as general and administrative expenses.

In 2023, the Company reissued 573,252 treasury shares in connection with exercise of share option units or restricted share units by employee and directors. The difference between the exercise price and par value was recorded in Additional paid in capital in the amount of RMB1,412,126.

The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Property and Equipment, Net (Details) - Schedule of Property and Equipment, Net - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 1,128,640,823	¥ 939,172,109
Less: accumulated depreciation	(338,293,416)	(214,000,566)
Less: accumulated impairment loss	(98,471,484)	(5,135,573)
Property and equipment, net	691,875,923	720,035,970
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	86,800,904	57,867,896
Kitchen equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	236,970,298	199,362,443
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	122,278,784	56,181,672
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	676,590,372	602,788,920
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	¥ 6,000,465	¥ 22,971,178

Consolidated Statements of Changes in Shareholders’ Equity (Deficit) - CNY (¥)	Number of issued shares	Additional paid-in capital	Accumulated losses	Accumulated other comprehensive income	Total equity (deficit) attributable to shareholders of the Company	Non-controlling interests	Total
Balance at Dec. 31, 2020	¥ 6,513	¥ 644,906,635	¥ (255,807,141)	¥ 39,181,361	¥ 428,287,368	¥ 4,764,882	¥ 433,052,250
Balance (in Shares) at Dec. 31, 2020	108,026,187
Net loss			(381,721,019)		(381,721,019)	(1,208,147)	(382,929,166)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes				(548,029)	(548,029)		(548,029)
Foreign currency translation adjustment, net of nil income taxes				(2,889,641)	(2,889,641)		(2,889,641)
Unrealized gain on short-term investment, net of nil income taxes
Issuance of shares	¥ 984	292,408,638			292,409,622		292,409,622
Issuance of shares (in Shares)	16,167,742
Balance at Dec. 31, 2021	¥ 7,497	937,315,273	(637,528,160)	35,743,691	335,538,301	3,556,735	339,095,036
Balance (in Shares) at Dec. 31, 2021	124,193,929
Net loss			(742,645,232)		(742,645,232)	(2,103,019)	(744,748,251)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes				(1,520,393)	(1,520,393)		(1,520,393)
Foreign currency translation adjustment, net of nil income taxes				(19,356,001)	(19,356,001)		(19,356,001)
Unrealized gain on short-term investment, net of nil income taxes				2,133,528	2,133,528		2,133,528
Issuance of shares to L&L Tomorrow Holdings Limited	¥ 11	9,964,474			9,964,485		9,964,485
Issuance of shares to L&L Tomorrow Holdings Limited (in Shares)	174,544
Issuance of shares to THC Hope IB Limited
Issuance of shares to THC Hope IB Limited (in Shares)	8,242,983
Decrease of transaction cost of Merger and PIPE Transactions		(85,728,299)			(85,728,299)		(85,728,299)
Equity financing through Merger Transaction	¥ 380	(37,625,574)			(37,625,194)		(37,625,194)
Equity financing through Merger Transaction (in Shares)	5,693,636
Equity financing through PIPE Transaction	¥ 338	312,871,174			312,871,512		312,871,512
Equity financing through PIPE Transaction (in Shares)	5,050,000
Equity financing through ESA Transaction	¥ 334	267,361,986			267,362,320		267,362,320
Equity financing through ESA Transaction (in Shares)	5,000,000
Capital contribution from shareholders		1,777,675			1,777,675		1,777,675
Share-based compensation		44,421,298			44,421,298		44,421,298
Issuance of shares to Cantor	¥ 56	21,656,644			21,656,700		21,656,700
Issuance of shares to Cantor (in Shares)	826,446
Balance at Dec. 31, 2022	¥ 8,616	1,472,014,651	(1,380,173,392)	17,000,825	108,850,700	1,453,716	110,304,416
Balance (in Shares) at Dec. 31, 2022	149,181,538
Net loss			(876,250,383)		(876,250,383)	3,323,950	(872,926,433)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes				(2,116,740)	(2,116,740)		(2,116,740)
Foreign currency translation adjustment, net of nil income taxes				8,741,308	8,741,308		8,741,308
Unrealized gain on short-term investment, net of nil income taxes				3,584,872	3,584,872		3,584,872
Amounts reclassified from accumulated other comprehensive income				(5,718,400)	(5,718,400)		(5,718,400)
Issuance of shares to L&L Tomorrow Holdings Limited	¥ 10	1,928,074			1,928,084		1,928,084
Issuance of shares to L&L Tomorrow Holdings Limited (in Shares)	150,024
Decrease of transaction cost of Merger and PIPE Transactions		1,386,708			1,386,708		1,386,708
Transaction cost of equity financing through ESA		(4,657,323)			(4,657,323)		(4,657,323)
Share-based compensation		62,548,907			62,548,907		62,548,907
Exchange of Public and Private warrants	¥ 365	105,931,016			105,931,381		105,931,381
Exchange of Public and Private warrants (in Shares)	5,419,744
Popeyes Transaction	¥ 742	167,151,137			167,151,879		167,151,879
Popeyes Transaction (in Shares)	11,466,574
Exercise of equity-settled share-based payments		1,412,126			1,412,126		1,412,126
Balance at Dec. 31, 2023	¥ 9,733	¥ 1,807,715,296	¥ (2,256,423,775)	¥ 21,491,865	¥ (427,206,881)	¥ 4,777,666	¥ (422,429,215)
Balance (in Shares) at Dec. 31, 2023	166,217,880

Merger Transaction and Related Financing Transactions

12 Months Ended

Dec. 31, 2023

Merger Transaction and Related Financing Transactions [Abstract]

Merger Transaction and Related Financing Transactions

Merger Transaction and Related Financing Transactions

Merger Transaction

On August 13, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Miami Swan Ltd, a wholly-owned subsidiary of the Company which was established for merger purpose (“Merger Sub”) and Silver Crest Acquisition Corporation (“SPAC”), a blank check company incorporated on September 3, 2020, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. On January 19, 2021, the SPAC consummated the Initial Public Offering, raising gross proceeds of US$345,000,000. Upon the terms and subject to the conditions of the Merger Agreement and in accordance with the Companies Act (as amended) of the Cayman Islands (the “Cayman Companies Law”), at the closing, Merger Sub merged with and into SPAC (the “First Merger”), with SPAC surviving the First Merger as a wholly owned subsidiary of the Company. Immediately following the consummation of the First Merger and as part of the same overall transaction, SPAC merged with and into the Company (the “Second Merger” and together with the First Merger, the “Mergers”), with the Company surviving the Second Merger (the “Merger Transaction”). The Merger Transaction was consummated on September 28, 2022 (the “Closing Date”).

Upon the consummation of the Merger Transaction, (i) 116,855 issued ordinary shares of the Company held by certain existing shareholders of the Company before the Merger Transaction (the “Existing Shareholders”) were subdivided using the exchange ratio of approximately 1,064.3 into 124,368,473 ordinary shares. As a result, the par value of ordinary shares was updated from US$0.01 to US$0.00000939586994067732. All applicable share and per share amounts in the consolidated financial statements have been retrospectively adjusted to reflect the effects of the stock split; (ii) 7,745 issued ordinary shares of the Company held by THC Hope IB Limited, a trust established to hold securities on behalf of certain employee and members of management, were subdivided using the exchange ratio of approximately 1,064.3 into 8,242,983 ordinary shares; (iii) the Company issued 5,693,636 ordinary shares in exchange of 1,381,136 Class A ordinary shares of SPAC held by public shareholders of the SPAC and 4,312,500 Class B ordinary shares of SPAC held by Silver Crest Management LLC (the “Sponsor”), among which 1,400,000 ordinary shares owned by the Sponsor were unvested and subject to forfeiture, only to be vested upon the Company’s future share price reaching certain price threshold (the “Earn-in Shares”). On the fifth anniversary of the Closing Date, the Earn-in Shares will be forfeited if certain price threshold are not met. The Company concluded that the Earn-in Shares to be classified as equity under ASC 815 because the instruments are considered to be indexed to the Company’s own stock and qualify for equity classification. The fair value of the Earn-in Shares was US$5,900,000 (equivalent to RMB41,953,130) as of September 28, 2022, and was accounted for as additional paid-in capital; (iv) the Company issued 17,250,000 Warrants in exchange of the warrants of SPAC held by public shareholders (the “Public Warrants”), and issued 4,450,000 Warrants to the Sponsor in exchange of warrants of SPAC held by the Sponsor (the “Sponsor Warrants”).

The Company also commits to issue up to 14,000,000 ordinary shares to the Existing Shareholders upon the Company’s future share price reaching certain price threshold (the “Earn-out Shares”). The Earn-out Shares will expire five years from the Closing Date. The Company concluded that the Earn-out Shares to be classified as equity under ASC 815 because the instruments are considered to be indexed to the Company’s own stock and qualify for equity classification. The fair value of the Earn-out Shares was US$59,000,000 (equivalent to RMB419,531,300) as of September 28, 2022, and was accounted for as additional paid-in capital.

The controlling shareholders of the Company before the Merger Transaction remained the controlling shareholders of the surviving company after the Merger Transaction. The Company was determined to be the accounting acquirer given the Company effectively controlled the combined companies after the Merger Transaction. The Merger Transaction is not a business combination because the SPAC did not carry out a business since its incorporation and did not have inputs and processes applied to those inputs that have the ability to contribute to the creation of outputs. As a result, the Merger Transaction is accounted for as issuance of ordinary shares and warrants by the Company in exchange of cash of the SPAC. Upon the consummation of the Merger Transaction, the Company acquired cash from the SPAC in the amount of US$3,408,651 (equivalent to RMB24,237,896) and issued warrant liabilities in the amount of US$8,700,000 (equivalent to RMB61,863,090).

Upon the consummation of the Merger Transaction, the Company also completed the following financing transactions:

(i) The Company issued 5,050,000 ordinary shares and 1,200,000 Warrants (the “PIPE Warrants,” and collectively with the Public Warrants and the Sponsor Warrants, the “Warrants”) to a number of investors (the “PIPE Investors”) for a total consideration of US$44,500,100 (the “PIPE Transaction”). The Company received gross proceeds of US$44,500,100 (equivalent to RMB316,426,861) on September 29, 2022. The proceeds were allocated between PIPE Warrants and ordinary shares by using residual method. PIPE Warrants were recognized at fair value on September 28, 2022 and the difference between total proceeds and fair value of PIPE Warrants was allocated to ordinary shares. PIPE Warrants were accounted for as liabilities and measured at fair value in accordance with ASC 815, with fair value changes recognized in the Consolidated Statement of Operations (See Note 16).

(ii) The Company issued 5,000,000 ordinary shares to Shaolin Capital Partners Master Fund Ltd, MAP 214 Segregated Portfolio, a segregated portfolio of LMA SPC, DS Liquid DIV RVA SCM LLC and Shaolin Capital Partners SP, a segregated portfolio of PC MAP SPC (collectively, “ESA Investors”) pursuant to Equity Support Agreement (“ESA Agreement”) entered into on March 8, 2022 and as amended on July 28, 2022, concurrently with receipt of the subscription price of US$50,000,000 (equivalent to RMB355,535,000) paid by the ESA investors, which were deposited into a collateral account established in the name of the Company (the “ESA Transaction”). The Company is unable to withdraw or transfer the cash in the collateral account without consent from Shaolin Capital Management LLC (“Shaolin”). Before issuance of 5,000,000 ordinary Shares to ESA Investors and receipt of subscription price of US$50,000,000, the Company made payment of US$3,166,667 in cash as deposits to the collateral account. The cash and related interest income in the collateral account will be released to the Company and ESA Investors within 245 calendar days after the Closing Date in accordance with the mechanism set out in ESA Agreement (see Note 16). The Company incurred and paid offering cost of US$650,000 (equivalent to RMB4,621,955) in connection with this transaction which was recognized in general and administrative expenses for the year ended December 31, 2022.

(iii) The Company is obligated to issue to CF Principal Investment LLC (“Cantor”) a number of ordinary shares equal to the quotient obtained by dividing (1) US$3,000,000 and (2) the fair market value of the ordinary shares (“Commitment Shares”) pursuant to Ordinary Share Purchase Agreement entered into between the Company and Cantor (also see Note 24). In accordance with such agreement, based on the Company’s notification from time to time, Cantor will purchase from the Company with per share purchase price equal to 97% of the dollar volume-weighted average price for the ordinary shares on the Nasdaq Stock Market over a specified time period, up to US$100,000,000 in aggregate gross purchase price of newly issued ordinary shares during the 36 months beginning from the effective date of initial registration statement filed with the U.S. Securities and Exchange Commission. The Company issued 826,446 ordinary shares as consideration for the Commitment Shares of US$3,000,000 (equivalent to RMB21,656,700), with a corresponding amount recognized in general and administrative expenses for the year ended December 31, 2022.

(iv) The Company entered into an Option Agreement by and between, on the one hand, Pangaea Two Acquisition Holdings XXIIB, Ltd. and Pangaea Two Acquisition Holdings XXIIA, Ltd., and, on the other hand, Sona Credit Master Fund Limited (“Sona”) pursuant to which Sona shall have the options to acquire 200,000 ordinary shares of the Company from Pangaea Two Acquisition Holdings XXIIB, Ltd. at a purchase price of US$11.50 per share.

The key terms of this option are summarized as follows:

The options may be exercised, at the sole discretion of Sona, in whole or in part from the time to time within 5 years counting from the date of the consummation of Merger Transaction.

The options may be cancelled, at the option of Pangaea Two Acquisition Holdings XXIIA, at any time during the Exercise Period, upon no less than 30 days’ notice to the Investor, at a price of $0.01 per Option Share if the last reported sales price of the ordinary shares has been at least $18.00 per share on each of 20 trading days within any 30 trading-day period commencing once the options become exercisable and ending on the third (3rd) trading day prior to the date on which notice of cancellation is given.

The fair value of the options was US$250,000 (equivalent to RMB1,777,675) as of September 28, 2022, and was treated as capital contribution from shareholders because the options were granted to facilitate the consummation of financing transactions on behalf of the Company, and recorded in additional paid-in capital with a corresponding amount recognized in general and administrative expenses for the year ended December 31, 2022.

The ordinary shares and Public Warrants began trading on the Nasdaq Capital Market under the symbols “THCH” and “THCHW”, respectively, on September 29, 2022.

Consolidated Statements of Comprehensive Loss - CNY (¥)	12 Months Ended
Consolidated Statements of Comprehensive Loss - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	¥ (872,926,433)	¥ (744,748,251)	¥ (382,929,166)
Other comprehensive income (loss)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes	(2,116,740)	(1,520,393)	(548,029)
Unrealized gain on short-term investment, net of nil income taxes	3,584,872	2,133,528
Amounts reclassified from accumulated other comprehensive income	(5,718,400)
Foreign currency translation adjustment, net of nil income taxes	8,741,308	(19,356,001)	(2,889,641)
Total comprehensive loss	(868,435,393)	(763,491,117)	(386,366,836)
Less: Comprehensive loss (income) attributable to non-controlling interests	(3,323,950)	2,103,019	1,208,147
Comprehensive loss attributable to shareholders of the Company	¥ (871,759,343)	¥ (761,388,098)	¥ (385,158,689)

Other Current Liabilities (Details) - Schedule of Other Current Liabilities - CNY (¥)

Dec. 31, 2023

Dec. 31, 2022

Schedule Of Other Current Liabilities Abstract

Accrued payroll and employee-related costs

¥ 60,134,968

¥ 88,469,812

Payable for acquisition of property and equipment

136,476,992

139,578,631

Guarantee deposits

48,205,248

11,695,000

Accrued marketing expenses

15,997,153

11,901,810

Sundry taxes payable

11,196,895

6,707,784

Accrued professional service fees

20,095,758

9,076,767

Accrued offering costs

^[1]

2,833,080

4,039,468

Accrued rental expenses

3,616,613

4,242,805

Other accrual expenses

39,597,263

34,742,278

Total other current liabilities

¥ 338,153,970

¥ 310,454,355

[1]

Leases (Details) - Schedule of Other information related to operating leases - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Other information related to operating leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	¥ 260,608,094	¥ 206,073,929
Right-of-use assets obtained in exchange for new lease liabilities	¥ 219,997,957	¥ 241,609,016
Weighted-average remaining lease term (years)	4 years 4 months 6 days	5 years 7 months 9 days
Weighted-average discount rate	6.23%	5.96%

Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Other Current Liabilities [Abstract]

Other Current Liabilities

17.

Other Current Liabilities

Other current liabilities consist of the following:

		December 31, 2023		December 31, 2022
Accrued payroll and employee-related costs			60,134,968		88,469,812
Payable for acquisition of property and equipment			136,476,992		139,578,631
Guarantee deposits			48,205,248		11,695,000
Accrued marketing expenses			15,997,153		11,901,810
Sundry taxes payable			11,196,895		6,707,784
Accrued professional service fees			20,095,758		9,076,767
Accrued offering costs	(i)		2,833,080		4,039,468
Accrued rental expenses			3,616,613		4,242,805
Other accrual expenses			39,597,263		34,742,278
			338,153,970		310,454,355

(i)

Schedule of Derivative Financial Liabilities Measured at Fair Value (Details) - Schedule of Derivative Financial Liabilities Measured at Fair Value - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Derivative Financial Liabilities Measured at Fair Value (Details) - Schedule of Derivative Financial Liabilities Measured at Fair Value [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative liabilities
Derivative Liability, Current		¥ 269,251,436
Derivative Liability, Noncurrent		19,083,004
Derivative Liability		288,334,440
ESA Derivative Liabilities [Member]
Schedule of Derivative Financial Liabilities Measured at Fair Value (Details) - Schedule of Derivative Financial Liabilities Measured at Fair Value [Line Items]
Derivative Liability, Current		269,251,436
Warrant liabilities [Member]
Schedule of Derivative Financial Liabilities Measured at Fair Value (Details) - Schedule of Derivative Financial Liabilities Measured at Fair Value [Line Items]
Derivative Liability, Noncurrent		¥ 19,083,004

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-10

+ Details

Convertible Notes, at Fair Value

12 Months Ended

Dec. 31, 2023

Convertible Notes, at Fair Value [Abstract]

Convertible Notes, at fair value

18.

Convertible Notes, at fair value

Convertible Senior Notes due December 10, 2026 issued by the Company

On December 10, 2021, the Company issued convertible notes due December 10, 2026 (“Maturity Date”) in an aggregate principal amount of US$50,000,000 (“Private Notes”) to certain investors at 2% discount, resulting in cash proceeds of US$49,000,000. The Private Notes bear interest commencing from December 10, 2021, payable semi-annually in arrears on the interest payment dates falling on June 10 and December 10 of each year.

The key terms of Private Notes are summarized as follows:

Interest

For any interest payment period, the Company may, at its option, elect to pay interest on the Private Notes:

entirely in cash at 7.00% per annum if the Merger Transaction is consummated prior to September 30, 2022, otherwise at 10.00% per annum on or after September 30, 2022;

entirely by increasing the principal amount of the outstanding Private Notes or by issuing additional Private Notes (“PIK Interest”) having an aggregate principal amount equal to the amount of interest then due and owing at 9.00% per annum if the Merger Transaction is consummated prior to September 30, 2022, otherwise at 12% per annum on or after September 30, 2022.

Note Holders’ conversion right

At any time from (and including) the earlier of (i) September 30, 2022 and (ii) the date of closing of the Mergers until the Maturity Date, each holder of the Private Notes may, in its sole discretion, convert all of its Private Notes into a number of fully paid, validly issued and non-assessable ordinary shares of the Company. The initial conversion price is US$11.50 per share, and subject to changes based on adjustment mechanism provided in the contracts of the Private Notes. Subsequently, the conversion price was adjusted to US$10.85 per share in April 2023.

Company’s conversion option

If the Mergers occurs, at any time from the later of the date falling 24 months from December 10, 2021 and the effective date of the documents required by authorities, until the Maturity Date, the Company has the right, at its option, to convert all of the Private Notes outstanding at conversion price provided by the contracts of the Private Notes. The initial conversion price is US$11.50 per share, and subject to changes based on adjustment mechanism provided in the contracts of the Private Notes. Subsequently, the conversion price was adjusted to US$10.85 per share during the year ended December 31, 2022.

Repurchase

Each holder of a Private Note will have the right, after June 20, 2025, at its election, to require the Company to repurchase all of such holder’s Private Notes for a repurchase price at an amount in cash equal to the principal amount of such Private Notes plus accrued and unpaid interest.

Redemption

The Private Notes may be redeemed at the option of the Company in whole, but not in part, at any time before December 10, 2025, for a cash purchase price equal to the redemption price provided in the contract of the Private Notes based on the different scenarios.

Tax redemption

The Private Notes may be redeemed at the option of the Company in whole, but not in part, at a redemption price equal to 102% of the principal amount, plus accrued and unpaid interest, as a result of any change in tax law.

The Company considered the Private Notes were issued at discount. As a result, The Company made a one- time irrevocable policy election at Private Notes’ inception to elect the fair value option under ASC 825 and measure Private Notes at fair value. The fair value option election is made on an instrument-by-instrument basis. Subsequently, the component of fair value changes relating to the instrument specific credit risk of the Private Note is recognized in other comprehensive (loss)/income. Fair value changes, other than the impact of instrument specific credit risk is recognized in changes in fair value of financial instruments in the Consolidated Statement of Operations.

Replacement of Private Notes

On December 30, 2021, the Private Notes were replaced by convertible senior notes with no change of terms (the “Notes”). On December 30, 2021, such convertible senior notes have been registered on Singapore Exchange Limited under the security registration number US87251CAA45. The Notes bear interest commencing as of December 10, 2021, payable semi-annually in arrears on the interest payment dates falling on June 10 and December 10 of each year, commencing on June 10, 2022. The Notes mature on December 10, 2026.

The Company assessed that there were no changes in fair value of the replacement by the Notes immediately after the replacement compared to the fair value of Private Notes immediately before the replacement on the replacement date. As a result, the Company determined the replacement is subject to modification accounting in accordance with ASC 470-50.

In April 2023, the conversion price of the Convertible notes was adjusted to US$10.85 per share based on anti-dilutive adjustment mechanism provided in the contracts of the Convertible notes.

As of December 31, 2023 and 2022, the balance of convertible notes measured at fair value was summarized as below:

		December 31, 2023				December 31, 2022
Convertible notes, at fair value			420,712,380				354,080,264

As of December 31, 2023 and 2022, the unpaid principal balance of the Convertible Notes was US$ 50,000,000 (equivalent to RMB354,135,000 and RMB348,230,000 respectively). The difference between the fair value of the Convertible Notes and the unpaid principal balance of the Convertible Notes were US$9,400,000 (RMB66,577,380) and US$840,000 (RMB5,850,264) as of December 31, 2023 and December 31, 2022, respectively. The changes in fair value due to instrument-specific credit risk was RMB2,116,740 and RMB1,520,393 for the years ended December 31, 2023 and 2022, respectively.

Leases (Details) - Schedule of Amounts Reported in the Consolidated Balance Sheet - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Amounts Reported in the Consolidated Balance Sheet [Abstract]
Operating lease right-of-use assets	¥ 849,079,096	¥ 946,872,784
Current
Current operating lease liabilities	200,877,880	180,468,426
Non-current
Non-current operating lease liabilities	707,688,605	820,248,803
Total operating lease liabilities	¥ 908,566,485	¥ 1,000,717,229

Loss Per Share (Details)	12 Months Ended
Loss Per Share (Details)	Dec. 31, 2023 shares
Earn in Shares [Member]
Loss Per Share [Line Items]
Excluded shares	1,400,000

Bank Borrowings (Details) - Schedule of Maturities of Long-Term Bank Borrowings	Dec. 31, 2023 CNY (¥)
Schedule of Maturities of Long-Term Bank Borrowings [Abstract]
2024	¥ 10,863,245
2025	5,266,370
2026
Thereafter
Total	¥ 16,129,615

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Related Parties

12 Months Ended

Dec. 31, 2023

Related Parties [Abstract]

Related Parties

27.

Related Parties

The related parties are summarized as follow:

Cartesian Capital Group, LLC	Ultimate controlling party
Pangaea Two, LP	Intermediate holding company
Pangaea Two Acquisition Holdings XXIIA, Ltd.	Parent company
Tim Hortons Restaurants International GmbH	Shareholder of the Company
Pangaea Three Acquisition Holdings IV, Limited	A subsidiary of ultimate holding company and shareholder of the Company subsequent to March 30, 2023
TDL Group Corp	A subsidiary of investor’s ultimate holding company
Pangaea Data Tech (Shanghai) Co., Ltd	A subsidiary of investor’s ultimate holding company
PLK APAC Pte. Ltd.	A subsidiary of investor’s ultimate holding company

The material related party transactions are summarized as follows:

		For the Years Ended December 31,
		2023		2022		2021
Continuing franchise fee to Tim Hortons Restaurants International GmbH	(i)		51,697,551		31,882,569		15,576,324
Continuing franchise fee to PLK APAC Pte. Ltd.	(i)		488,633		-		-
Upfront franchise fee to Tim Hortons Restaurants International GmbH	(ii)		27,318,877		23,553,799		24,265,373
Upfront franchise fee to PLK APAC Pte. Ltd	(ii)		513,564		-		-
Purchase of coffee beans from TDL Group Corp	(iii)		63,400,907		49,135,749		28,168,228
Provision of consumer research service to THRI			-		-		428,148
Services provided by Pangaea Data Tech (Shanghai) Co., Ltd	(iv)		8,778,892		7,206,906		-
Reimbursements to Cartesian Capital Group, LLC	(vi)		-		1,845,960		-

(i)

Pursuant to the master development agreement between the Company and THRI and PLK, pays continuing franchise fee based on certain percentage of revenue generated from Company owned and operated stores and franchise stores, and such continuing franchise fee was recorded in Franchise and royalty expenses.

(ii)

Pursuant to the master development agreement between the Company and THRI and PLK, the Company pays upfront franchise fee for each newly opened store to THRI and PLK during the term of the master development contract. The amortization expense of upfront franchise fee in the amount of RMB1,837,556, RMB334,034 and nil for the years ended December 31, 2023, 2022 and 2021, respectively, are included in Franchise and royalty expense financial caption.

(iii)

The Company purchased coffee beans from TDL Group Corp. for its daily operation in the amount of RMB63,400,907, RMB49,135,749 and RMB28,168,228 for the year ended December 31, 2023, 2022 and 2021, respectively.

The Company sold and recognized coffee beans purchased from TDL Group Corp.for its daily operation in the costs of food and packaging in the amount of RMB72,109,353, RMB36,862,860 and RMB19,521,561 for the year ended December 31, 2023, 2022 and 2021, respectively.

(iv)

Pangaea Data Tech (Shanghai) Co., Ltd. (“DataCo”) provides various data maintenance and management services, technical supports and consulting services in support of the operation of the Company. RMB998,515,RMB550,000, and nil for the years ended December 31, 2023, 2022 and 2021, respectively of purchased services are recognized in other operating expenses, respectively while RMB7,780,377, RMB6,656,906 and nil are capitalized in property and equipment for the years ended December 31, 2023, 2022 and 2021 respectively.

(v)

On March 30, 2023, the Company acquired Popeyes China. As part of the consideration, the Company is obligated to pay Deferred Contingent Consideration. See Note 3 for details of Popeyes Transaction involving Pangaea Three Acquisition Holdings IV, Limited.

(vi)

Cartesian Capital Group, LLC paid travel and entertainment expenses relating to Company’s directors on behalf of the Company.

As of December 31, 2023 and 2022, the balances of transactions with related parties are set forth below:

Amount due to related parties:

		December 31, 2023		December 31, 2022
Current
TDL Group Corp	(iii)		4,033,513		9,690,952
Tim Hortons Restaurants International GmbH	(i)(ii)		44,809,370		10,390,081
PLK APAC Pte. Ltd.	(v)		1,002,196		-
Pangaea Data Tech (Shanghai) Co., Ltd	(iv)		2,209,363		1,470,000
Cartesian Capital Group, LLC	(vi)		949,766		933,930
Subtotal			53,004,208		22,484,963
Non-current
Pangaea Three Acquisition Holdings IV, Limited	(v)		84,779,919		-
PLK APAC Pte. Ltd.	(v)		9,419,991		-
Subtotal			94,199,910		-

Total			147,204,118		22,484,963

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Parent Only Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Only Financial Information

30.

Parent Only Financial Information

The following condensed parent company financial information of TH International Limited has been prepared using the same accounting policies as set out in the accompanying consolidated financial information. As of December 31, 2023 and 2022, there were no material contingencies, significant provisions of long-term obligations or guarantees of TH International Limited, except for those, which have been separately disclosed in the consolidated financial information.

Condensed Balance Sheets

	As of December, 31
	2023		2022
	RMB		RMB

ASSETS
Current assets
Cash		2,319,427		29,472,174
Short-term investments		-		372,375,701
Amounts due from subsidiaries		51,198,256		298,205,305
Prepaid expenses and other current assets		3,665,297		3,656,415
Total current assets		57,182,980		703,709,595
Non-current assets
Intangible assets, net		51,054,462		53,685,458
Total non-current assets		51,054,462		53,685,458
Total assets		108,237,442		757,395,053

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
Current liabilities
Derivative financial liabilities		-		269,251,436
Other current liabilities		20,532,039		6,129,649
Total current liabilities		20,532,039		275,381,085
Non-current liabilities
Derivative financial liabilities - non-current		-		19,083,004
Amount due to related parties		94,199,910
Convertible notes, at fair value		420,712,380		354,080,264
Total non-current liabilities		514,912,290		373,163,268
Total liabilities		535,444,329		648,544,353

	As of December, 31
	2023			2022
	RMB			RMB
Shareholders’ equity (deficit)
Ordinary shares		9,733			8,616
Additional paid-in capital		1,807,715,296			1,472,014,651
Accumulated losses		(2,256,423,775	)		(1,380,173,392	)
Accumulated other comprehensive income		21,491,865			17,000,825
Total shareholders’ (deficit) equity		(427,206,881	)		108,850,700

Total liabilities and shareholders’ (deficit) equity		108,237,442			757,395,053

Condensed Statements of Operations

	For the Years Ended December 31,
	2023			2022			2021
	RMB			RMB			RMB

General and administrative expenses		103,314,272			88,435,187			1,976,807
Franchise and royalty expenses		3,527,900			3,378,650			3,223,700
Other income		-			(337,865	)		-
Total costs and expenses, net		106,842,172			91,475,972			5,200,507

Operating loss		(106,842,172	)		(91,475,972	)		(5,200,507	)

Equity in loss of subsidiaries		(628,343,362	)		(506,340,297	)		(370,940,089	)
Interest income		7,641,583			359,607			-
Foreign currency transaction loss		(6,944	)		(125	)		(3,422	)
Changes in fair value of Deferred Contingent consideration		(26,106,460	)		-			-
Changes in fair value of convertible notes		(58,280,908	)		(4,493,605	)		(5,577,001	)
Changes in fair value of warrant liabilities		(83,966,126	)		45,903,468			-
Changes in fair value of ESA derivative liabilities		19,654,006			(186,598,308	)		-

Loss before income taxes		(876,250,383	)		(742,645,232	)		(381,721,019	)

Income tax expenses		-			-			-

Net loss		(876,250,383	)		(742,645,232	)		(381,721,019	)

Condensed Statements of Comprehensive Loss

	For the Years Ended December 31,
	2023			2022			2021
	RMB			RMB			RMB
Net loss		(876,250,383	)		(742,645,232	)		(381,721,019	)
Other comprehensive income (loss)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes		(2,116,740	)		(1,520,393	)		(548,029	)
Unrealized gain on short-term investments, net of nil income taxes		3,584,872			2,133,528			-
Amounts reclassified from accumulated other comprehensive income		(5,718,400	)		-			-
Foreign currency translation adjustment, net of nil income taxes		8,741,308			(19,356,001	)		(2,889,641	)

Total comprehensive loss		(871,759,343	)		(761,388,098	)		(385,158,689	)

Condensed Statements of Cash Flows

	For the Years Ended December 31,
	2023			2022			2021
	RMB			RMB			RMB
Net cash used in operating activities		(33,401,467	)		(7,345,572	)		(1,122,560	)
Net cash provided by (used in) investing activities		53,570,674			(895,671,288	)		(294,289,816	)
Net cash provided by (used in) financing activities		(46,058,129	)		621,610,726			597,662,648
Effect of foreign currency exchange rate changes on cash		(1,263,825	)		(2,424,651	)		2,788,102
Net (decrease) / increase in cash		(27,152,747	)		(283,830,785	)		305,038,374
Cash at beginning of year		29,472,174			313,302,959			8,264,585
Cash at end of year		2,319,427			29,472,174			313,302,959

Supplemental disclosure of non-cash investing and financing activities:
Accrued offering costs paid by subsidiaries of TH International Limited		-			4,039,468			3,623,684

Subsequent Events (Details) - Forecast [Member] - USD ($) $ in Millions	Mar. 20, 2024	Mar. 07, 2024	Aug. 31, 2024
Subsequent Events (Details) [Line Items]
Principal amount	$ 15	$ 5
PLKC International Limited [Member] \| Maximum [Member]
Subsequent Events (Details) [Line Items]
Percentage of annual interest			8.00%

Consolidated Statements of Operations (Parentheticals) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Other revenues from transactions with a related party			¥ 428,148
Cost of Company owned and operated stores from transactions with a related party	72,109,353	36,862,860	19,521,561
Service fee from transactions with a related party	998,515	550,000
General and administrative expenses from transactions with a related party		1,845,960
Franchise and royalty expenses from transactions with related parties	¥ 52,186,184	¥ 31,882,569	¥ 15,576,324
Diluted loss per ordinary share (in Yuan Renminbi per share)	¥ (5.68)	¥ (5.80)	¥ (3.14)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation [Abstract]

Share-based Compensation

22.

Share-based Compensation

Share Options

On March 19, 2019, the Board approved the 2019 Share Option Scheme (“Scheme”) to attract and retain key employees, which allowed for a maximum of 50,000,000 share units (equivalent to 14,486,152 ordinary shares after share split) to be issued under the Scheme (“Original Option Units”).

On September 28, 2022, the terms of the Scheme were amended and restated to allow a maximum aggregate number of ordinary shares of the Company that may be issued under the Scheme to be 14,486,152 shares (proportionally adjusted to reflect any share dividends, share splits, or similar transactions).

The Company granted 2,614,947 Original Option Units (equivalent to 757,550 ordinary shares), 1,666,000 Original Option Units (equivalent to 482,666 ordinary shares after share split) and 7,194,000 Original Option Units (equivalent to 2,084,268 ordinary shares after share split) to the employees or directors (collectively as “Grantees”) during the years ended December 31, 2023, 2022 and 2021, respectively. The share options can only be vested if the Grantees remain as employees of the Company over the vesting period as specified in the Scheme. Original Option Units will be vested in four tranches in each year from 2nd anniversary date to 5th anniversary date by 25% in each tranche.

As of December 31, 2023 and 2022, 11,264,951 Original Option Units (equivalent to 3,263,456 ordinary shares) and 12,579,311 Original Option Units (equivalent to 3,514,114 ordinary shares after share split) are exercisable. The following table sets forth the activities of Original Option Units for the year ended December 31, 2023 and 2022:

	Number of Original Option Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
				US$		US$				US$

Outstanding as of January 1, 2023		28,366,000			0.35		0.29		6.67		14,548,534
Granted		2,614,947			0.83		-		-		-
Forfeited		(1,933,526	)		0.67		-		-		-
Exercised		(1,786,023	)		0.23		-		-		-
Outstanding as of December 31, 2023		27,261,398			0.38		0.33		5.88		5,247,567
Expected to be vested as of December 31, 2023		27,261,398			0.38		0.33		5.88		5,247,567

During the years ended December 31, 2023, 2022 and 2021, the Company granted additional nil share option units and 460,756 share option units (equivalent to 133,494 ordinary shares after share split) and 955,643 share option units (equivalent to 276,872 ordinary shares after share split) to certain employees with an exercise price of US$1.20 and US$0.60 to settle the accrued bonus of RMB3,520,177 and RMB3,769,622 for these employees (“Additional Option Units”), respectively, which are immediately vested on the grant date and will become exercisable after a three-year pre-requisite service period, counting from the grant date. If employment of the Grantees is terminated (either voluntarily or involuntarily) prior to exercise, a cash payment equal to the cash bonus plus interest at the interest rate of People’s Bank of China for the term commencing on the signing date of Additional Option Units contract until the cease date is made to the Grantees. Upon exercise of the Additional Option Units, the cash settlement feature lapses. Since the Additional Option Unit is with two components in which exercise of one part cancels the other, in measuring compensation cost, the award is treated as a combination of: (i) a cash bonus payable in the amount of RMB3,520,177 plus interest and RMB3,769,622 plus interest for the years ended December 31, 2022 and 2021 respectively, and (ii) 460,756 Additional Option Units (equivalent to 133,494 ordinary shares after share split) and 933,742 share option units (equivalent to 270,527 ordinary shares after share split) with three-year pre-requisite service period, respectively.

No Additional Option Units are exercisable as of December 31, 2023 and 2022. The following table sets forth the activities of Additional Option Units for the year ended December 31, 2023:

	Number of Additional Option Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
				US$		US$				US$
Outstanding as of January 1, 2023		1,292,041			0.80		0.57		1.42		309,270
Granted		-			-		-		-		-
Forfeited		(345,234	)		0.86		-		-		-
Exercised		(54,681	)		0.76		-		-		-
Outstanding as of December 31, 2023		892,126			0.78		0.55		0.39		-
Expected to be vested as of December 31, 2023		892,126			0.78		0.55		0.39		-

On June 5, 2023, the Company granted 9,184,482 Restricted Share Units (equivalent to 2,660,744 ordinary shares), nil Restricted Share Units and nil Restricted Share Units to the employees or directors (collectively as “Grantees”) during the years ended December 31, 2023, 2022 and 2021, respectively.

which are immediately vested on the grant date and can not be sold, assigned, transferred, pledged, mortgaged, encumbered or otherwise disposed through one or a series of transactions by Grantees during the period (“Lock-up Period”). The Lock-up period is specified as below:

Lock-up Period of the relevant percentage of the option	Cap of vested Share Unit
After 6 months since the vesting date		20	%
After 12 months since the vesting date		50	%
After 18 months since the vesting date		100	%

The following table sets forth the activities of Restricted Share Units for the year ended December 31, 2023:

	Number of Restricted Share Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
				US$		US$				US$
Outstanding as of January 1, 2023		6,000,000			0.00		0.28		N/A		4,832,196
Granted		9,184,482			0.01		-		-		-
Forfeited		-			-		-		-		-
Exercise		(138,074	)		-		-		-		-
Outstanding as of December 31, 2023		15,046,408			0.01		0.55		N/A		7,584,563
Expected to be vested as of December 31, 2023		7,698,823			0.01		0.55		N/A		-

Prior to completion of IPO, Options granted to Grantees were measured at fair value using the Binomial Option pricing Model and a combination of discounted cashflow model respective grant dates.

After completion of IPO, Options granted to Grantees were measured at fair value using the Binomial Option Pricing Model as of the respective grant dates.

The key assumptions are listed as follows:

	2023			2022			2021
Expected volatility		24.00	%		25.00	%		24.74%-25.00	%
Risk-free interest rate (per annum)		5.02	%		2.50%-2.80	%		2.47%-2.53	%
Exercise multiple		2.80			2.50-2.80			2.50-2.80
Expected dividend yield		0.00	%		0.00	%		0.00	%
Expected term(in years)		10			10			10
Fair value of the underlying ordinary share	US$	0.43-US$0.83		US$	1.86		US$	0.88-US$1.49

The estimated fair value of the underlying unit at the grant date before the completion of IPO, was estimated by management with the assistant of an independent valuation firm. The income approach involves applying discounted cash flow analysis based on the Company’s projected cash flow using management’s best estimate as of the valuation dates. Estimating future cash flow requires the Company to analyze projected revenue growth, gross margins, operating expense levels, effective tax rates, capital expenditures, working capital requirements, and discount rates. The Company’s projected revenues were based on expected annual growth rates derived from a combination of historical experience and the general trend in this industry. The revenue and cost assumptions used were consistent with the Company’s long-term business plan and market conditions in this industry. The Company also had to make complex and subjective judgments regarding its unique business risks, its limited operating history, and future prospects at the time of grant.

The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the option valuation date. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised, based on a consideration of empirical studies on the actual exercise behavior of employees. The expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not intend to pay dividend before the Company becomes profitable.

All of share-based compensation expenses relating to Original Option Units, Additional Option Units and Restricted Share Units in the amount of RMB62,548,907 and RMB44,421,298 for the year ended December 31, 2023 and 2022, respectively, were included in general and administrative expenses.

On October 16, 2023, the Company issued 150,024 ordinary shares to L&L Tomorrow Holdings Limited as a bonus approved in 2023 to the Chief Executive Officer, Mr. Lu Yongchen. The total fair value of such shares was US$268,542, resulting in share-based compensation expense of US$ 268,542 (equivalent to RMB1,928,084) recognized for the year ended December 31, 2023 as general and administrative expenses.

The Original Option Units, Additional Option Units and Restricted which were granted before completion of IPO all have a service condition and a performance condition on the completion of an IPO of the Company. The Merger Transaction was consummated on September 28, 2022 and therefore the performance condition on the completion of an IPO of the Company has been achieved. Upon the completion of the Merger Transaction as of September 28, 2022, the Company immediately recognized share-based compensation expenses of RMB33,194,871 for Original Option Units, Additional Option Units and Restricted Share Units vested cumulatively.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expenses and Other Current Assets [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

	December 31, 2023		December 31, 2022
Creditable input VAT		116,961,568		69,665,847
Short-term deposits		6,246,420		3,468,215
Receivables from payment processors and aggregators		15,353,813		10,217,082
Prepaid marketing expenses		5,977,121		11,582,119
Others		15,048,290		13,341,468
		159,587,212		108,274,731

Other Income (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Government [Member]
Other Income [Line Items]
Government grants	¥ 9,945,338	¥ 5,996,537	¥ 3,319,871

Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Related Parties [Abstract]

Schedule of Related Parties

The related parties are summarized as follow:

Cartesian Capital Group, LLC	Ultimate controlling party
Pangaea Two, LP	Intermediate holding company
Pangaea Two Acquisition Holdings XXIIA, Ltd.	Parent company
Tim Hortons Restaurants International GmbH	Shareholder of the Company
Pangaea Three Acquisition Holdings IV, Limited	A subsidiary of ultimate holding company and shareholder of the Company subsequent to March 30, 2023
TDL Group Corp	A subsidiary of investor’s ultimate holding company
Pangaea Data Tech (Shanghai) Co., Ltd	A subsidiary of investor’s ultimate holding company
PLK APAC Pte. Ltd.	A subsidiary of investor’s ultimate holding company

Schedule of Related Party Transactions

The material related party transactions are summarized as follows:

		For the Years Ended December 31,
		2023		2022		2021
Continuing franchise fee to Tim Hortons Restaurants International GmbH	(i)		51,697,551		31,882,569		15,576,324
Continuing franchise fee to PLK APAC Pte. Ltd.	(i)		488,633		-		-
Upfront franchise fee to Tim Hortons Restaurants International GmbH	(ii)		27,318,877		23,553,799		24,265,373
Upfront franchise fee to PLK APAC Pte. Ltd	(ii)		513,564		-		-
Purchase of coffee beans from TDL Group Corp	(iii)		63,400,907		49,135,749		28,168,228
Provision of consumer research service to THRI			-		-		428,148
Services provided by Pangaea Data Tech (Shanghai) Co., Ltd	(iv)		8,778,892		7,206,906		-
Reimbursements to Cartesian Capital Group, LLC	(vi)		-		1,845,960		-

(i)

(ii)

(iii)

(iv)

(v)

(vi)

Cartesian Capital Group, LLC paid travel and entertainment expenses relating to Company’s directors on behalf of the Company.

Schedule of Amount Due to Related Parties

Amount due to related parties:

		December 31, 2023		December 31, 2022
Current
TDL Group Corp	(iii)		4,033,513		9,690,952
Tim Hortons Restaurants International GmbH	(i)(ii)		44,809,370		10,390,081
PLK APAC Pte. Ltd.	(v)		1,002,196		-
Pangaea Data Tech (Shanghai) Co., Ltd	(iv)		2,209,363		1,470,000
Cartesian Capital Group, LLC	(vi)		949,766		933,930
Subtotal			53,004,208		22,484,963
Non-current
Pangaea Three Acquisition Holdings IV, Limited	(v)		84,779,919		-
PLK APAC Pte. Ltd.	(v)		9,419,991		-
Subtotal			94,199,910		-

Total			147,204,118		22,484,963

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022:

	As of December 31, 2023						Total Fair
	Level 1		Level 2		Level 3		Value
	RMB		RMB		RMB		RMB

Liabilities
Convertible notes		-		-		420,712,380		420,712,380
Liability-settled share-based payment to non-employee		-		-		2,833,080		2,833,080
Deferred contingent consideration		-		-		94,199,910		94,199,910

		-		-		517,745,370		517,745,370

	As of December 31, 2022						Total Fair
	Level 1		Level 2		Level 3		Value
	RMB		RMB		RMB		RMB
Assets
Short-term investments		-		372,375,701		-		372,375,701

Liabilities
Convertible notes		-		-		354,080,264		354,080,264
ESA derivative liabilities		-		-		269,251,436		269,251,436
Warrant liabilities		-		-		19,083,004		19,083,004
Liability-settled share-based payment to non-employee		-		-		4,039,468		4,039,468

		-		-		646,454,172		646,454,172

Schedule of Assumptions

The table below reflects the reconciliation from the opening balances to the closing balances for recuring fair value measurement of the fair value hierarchy for the years ended December 31, 2023, 2022 and 2021:

	Convertible notes		Short-term investments			Warrant liabilities			ESA derivative liabilities			Liability-settled share-based payment to non-employee			Deferred contingent consideration
Balance as of January 1, 2023		354,080,264		372,375,701			19,083,004			269,251,436			4,039,468			-
Additions													-			65,968,319
Changes in fair value, excluding impact of instrument-specific credit risk		58,280,908		3,584,872			83,966,126			(19,654,006	)		(1,386,708	)		26,106,460
Realized gain recognized in interest income		-		(5,718,400	)		-			-			-			-
Changes in fair value due to instrument specific credit risk		2,116,740		-			-						-			-
Foreign currency translation adjustment		6,234,468		(944,458	)		2,882,251			(126,498	)		180,320			2,125,131
Exercise of Public and Private warrants		-		-			(105,931,381	)		-			-			-
Settlement of Liability-settled share-based payment to employee		-		-			-			-			-			-
Settlement of 1^st, 2^nd and 3^rd tranches of ESA Agreement		-		(369,297,715	)		-			(249,470,932	)		-			-
Balance as of December 31, 2023		420,712,380		-			-			-			2,833,080			94,199,910

	Convertible notes		Short-term investments		Warrant liabilities			ESA derivative liabilities			Liability-settled share-based payment to non-employee
Balance as of January 1, 2022		318,466,215		-		-			-			-
Additions		-		370,242,173		65,418,439			88,172,680			11,519,334
Changes in fair value, excluding impact of instrument-specific credit risk		4,493,605		2,133,528		(45,903,468	)		186,598,308			(7,390,032	)
Changes in fair value due to instrument specific credit risk		1,520,393		-		-			-			-
Foreign currency translation adjustment		29,600,051		-		(431,967	)		(5,519,552	)		(89,834	)
Balance as of December 31, 2022		354,080,264		372,375,701		19,083,004			269,251,436			4,039,468

Balance as of January 1, 2021		-		-		-			-			-
Additions		312,092,172		-		-			-			-
Changes in fair value of convertible notes, excluding impact of instrument-specific credit risk		5,577,001		-		-			-			-
Changes in fair value of convertible notes due to instrument-specific credit risk		548,029		-		-			-			-
Foreign currency translation adjustment		249,013		-		-			-			-
Balance as of December 31, 2021		318,466,215		-		-			-			-

Schedule of Assumptions

As of December 31, 2023, the assumptions were as follow:

	Convertible notes			Liability-settled share-based payment to non-employee			Deferred contingent consideration
Expected volatility		22.00	%		64.00	%		22.00	%
Risk-free interest rate (per annum)		4.00	%		5.23	%		4.20	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share	US$	1.75		US$	1.75		US$	1.75
Bond yield		10.60	%		N/A			N/A
Discount rate		N/A			N/A			23.00	%
Annual per store revenue growth rate		N/A			N/A			2.00	%

	Convertible notes			ESA derivative liabilities			Warrants liabilities			Liability- settled share-based payment to non-employee
Expected volatility		28.00	%		18.00%-26.00	%		26.00	%		26.00	%
Risk-free interest rate (per annum)		4.10	%		4.05%-4.62	%		4.07	%		4.39	%
Expected dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share	US$	2.78		US$	2.78		US$	2.78		US$	2.78
Bond yield		13.30	%		N/A			N/A			N/A

Parent Only Financial Information (Details) - Schedule of Condensed Statements of Operations - Parent Company [Member] - Reportable Legal Entities [Member] - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
General and administrative expenses	¥ 103,314,272	¥ 88,435,187	¥ 1,976,807
Franchise and royalty expenses	3,527,900	3,378,650	3,223,700
Other income		(337,865)
Total costs and expenses, net	106,842,172	91,475,972	5,200,507
Operating loss	(106,842,172)	(91,475,972)	(5,200,507)
Equity in loss of subsidiaries	(628,343,362)	(506,340,297)	(370,940,089)
Interest income	7,641,583	359,607
Foreign currency transaction loss	(6,944)	(125)	(3,422)
Changes in fair value of Deferred Contingent consideration	(26,106,460)
Changes in fair value of convertible notes	(58,280,908)	(4,493,605)	(5,577,001)
Changes in fair value of warrant liabilities	(83,966,126)	45,903,468
Changes in fair value of ESA derivative liabilities	19,654,006	(186,598,308)
Loss before income taxes	(876,250,383)	(742,645,232)	(381,721,019)
Income tax expenses
Net loss	¥ (876,250,383)	¥ (742,645,232)	¥ (381,721,019)

Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Prepaid Expenses and Other Current Assets [Abstract]
Creditable input VAT	¥ 116,961,568	¥ 69,665,847
Short-term deposits	6,246,420	3,468,215
Receivables from payment processors and aggregators	15,353,813	10,217,082
Prepaid marketing expenses	5,977,121	11,582,119
Others	15,048,290	13,341,468
Prepaid expenses and other current assets	¥ 159,587,212	¥ 108,274,731

Inventories (Details) - CNY (¥)	12 Months Ended
Inventories (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Provision for Inventories write-down	¥ 11,589,111	¥ 387,999

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

Schedule of Inventories

Inventories consist of the following:

	December 31, 2023		December 31, 2022
Food, beverage and packaged products		38,253,329		52,713,996
Merchandise for e-commerce sales		2,659,789		14,164,790
Others		9,805,731		4,588,731
		50,718,849		71,467,517

Description of Business

12 Months Ended

Dec. 31, 2023

Description of Business [Abstract]

Description of Business

Description of Business

TH International Limited was incorporated in Cayman Islands in April 2018. Pursuant to a master development agreement between TH Hong Kong International limited (“THHK”), a subsidiary of TH International Limited , and Tim Hortons Restaurants International GmbH (“THRI”), effective from June 11, 2018, with initial contractual term of 20 years and THHK has the option to extend the initial term for 10 years, subject to achieving certain agreed-upon milestones of cumulative store opening target by the end of development year 10 and the end of development year 20, TH International Limited together with its subsidiaries (“the Company”) owns the exclusive franchise right authorized by THRI, and is authorized to develop and operate stores branded “Tim Hortons” throughout the People’s Republic of China (“PRC”), including Hong Kong and Macau. The master development agreement also sets out terms related to development obligations, services and related obligations, fees, system standards and manuals, insurance obligations, relationship of the parties and indemnification, inspections and assignments, termination, rights and obligations upon termination or expiration, and other general provisions. On August 13, 2021, the master development agreement was amended and restated to set out new terms related to (1) conditions at which the Company is allowed to incur indebtedness and usage of such proceeds; (2) THRI’s right to nominate one individual to the board of directors of TH International Limited; (3) THRI’s right to designate an observer to attend all meetings of the Company’s board of directors or any committee of the board of directors.

On March 30, 2023, the Company acquired the exclusive franchise right authorized by PLK APAC Pte. Ltd. (“PLK”) (Note 3) which is a subsidiary of the THRI, and is authorized to develop and operate stores branded “Popeyes” throughout the Chinese Mainland and Macau.

The first Tim Hortons store and Popeyes store in Chinese Mainland opened in February 2019 and August 2023, respectively. As of December 31, 2023, there were 912 Tim Hortons stores and 10 Popeyes in PRC, respectively, including 629 Company owned and operated stores and 291 franchised stores. Among the 629 Company owned and operated stores, 212 stores are in Shanghai, 83 stores in Beijing, 56 stores in Hangzhou, 29 stores in Shenzhen, 26 stores in Nanjing, 25 stores in Wuhan, 24 stores in Guangzhou and other 155 stores in Chengdu, Xi’an, Chongqing, Tianjin, Suzhou, Ningbo, Dalian, etc.

Share-Based Compensation (Details) - Schedule of Activities of Original Option Units	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of Original Option Units [Member]
Schedule of Activities of Original Option Units [Line Items]
Number of Units, Granted (in Shares) \| shares	2,614,947
Number of Units, Forfeited (in Shares) \| shares	(1,933,526)
Number of Units, Exercised (in Shares) \| shares	(1,786,023)
Number of Units, Ending (in Shares) \| shares	27,261,398
Number of Units, Expected to be vested (in Shares) \| shares	27,261,398
Number of Units, Beginning (in Shares) \| shares	28,366,000
Weighted Average Exercise Price [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average exercise price, Granted	$ 0.83
Weighted average exercise price, Forfeited	0.67
Weighted average exercise price, Exercised	0.23
Weighted average exercise price, Ending	0.38
Weighted average exercise price, Expected to be vested	0.38
Weighted average exercise price, Beginning	0.35
Weighted Average Grant Date Fair Value [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average grant date fair value, Granted
Weighted average grant date fair value, Forfeited
Weighted average grant date fair value, Exercised
Weighted average grant date fair value, Ending	0.33
Weighted average grant date fair value, Expected to be vested	0.33
Weighted average grant date fair value, Beginning	$ 0.29
Weighted Average Remaining Contractual Years [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average remaining contractual years, Granted
Weighted average remaining contractual years, Forfeited
Weighted average remaining contractual years, Exercised
Weighted average remaining contractual years, Ending	5 years 10 months 17 days
Weighted average remaining contractual years, Expected to be vested	5 years 10 months 17 days
Weighted average remaining contractual years, Beginning	6 years 8 months 1 day
Aggregate Intrinsic Value [Member]
Schedule of Activities of Original Option Units [Line Items]
Aggregate intrinsic value, Granted (in Dollars) \| $
Aggregate intrinsic value, Forfeited (in Dollars) \| $
Aggregate intrinsic value, Exercised (in Dollars) \| $
Aggregate intrinsic value, Ending (in Dollars) \| $	5,247,567
Aggregate intrinsic value, Expected to be vested (in Dollars) \| $	5,247,567
Aggregate intrinsic value, Beginning (in Dollars) \| $	$ 14,548,534
Number of Additional Option Units [Member]
Schedule of Activities of Original Option Units [Line Items]
Number of Units, Forfeited (in Shares) \| shares	(345,234)
Number of Units, Exercised (in Shares) \| shares	(54,681)
Number of Units, Ending (in Shares) \| shares	892,126
Number of Units, Expected to be vested (in Shares) \| shares	892,126
Number of Units, Beginning (in Shares) \| shares	1,292,041
Weighted Average Exercise Price [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average exercise price, Granted
Weighted average exercise price, Forfeited	0.86
Weighted average exercise price, Exercised	0.76
Weighted average exercise price, Ending	0.78
Weighted average exercise price, Expected to be vested	0.78
Weighted average exercise price, Beginning	0.8
Weighted Average Grant Date Fair Value [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average grant date fair value, Granted
Weighted average grant date fair value, Forfeited
Weighted average grant date fair value, Exercised
Weighted average grant date fair value, Ending	0.55
Weighted average grant date fair value, Expected to be vested	0.55
Weighted average grant date fair value, Beginning	$ 0.57
Weighted Average Remaining Contractual Years [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average remaining contractual years, Granted
Weighted average remaining contractual years, Forfeited
Weighted average remaining contractual years, Exercised
Weighted average remaining contractual years, Ending	4 months 20 days
Weighted average remaining contractual years, Expected to be vested	4 months 20 days
Weighted average remaining contractual years, Beginning	1 year 5 months 1 day
Aggregate Intrinsic Value [Member]
Schedule of Activities of Original Option Units [Line Items]
Aggregate intrinsic value, Granted (in Dollars) \| $
Aggregate intrinsic value, Forfeited (in Dollars) \| $
Aggregate intrinsic value, Exercised (in Dollars) \| $
Aggregate intrinsic value, Ending (in Dollars) \| $
Aggregate intrinsic value, Expected to be vested (in Dollars) \| $
Aggregate intrinsic value, Beginning (in Dollars) \| $	$ 309,270
Number of Restricted Share Units [Member]
Schedule of Activities of Original Option Units [Line Items]
Number of Units, Granted (in Shares) \| shares	9,184,482
Number of Units, Forfeited (in Shares) \| shares
Number of Units, Exercised (in Shares) \| shares	(138,074)
Number of Units, Ending (in Shares) \| shares	15,046,408
Number of Units, Expected to be vested (in Shares) \| shares	7,698,823
Number of Units, Beginning (in Shares) \| shares	6,000,000
Weighted Average Exercise Price [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average exercise price, Granted	$ 0.01
Weighted average exercise price, Forfeited
Weighted average exercise price, Exercised
Weighted average exercise price, Ending	0.01
Weighted average exercise price, Expected to be vested	0.01
Weighted average exercise price, Beginning	0
Weighted Average Grant Date Fair Value [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average grant date fair value, Forfeited
Weighted average grant date fair value, Exercised
Weighted average grant date fair value, Ending	0.55
Weighted average grant date fair value, Expected to be vested	0.55
Weighted average grant date fair value, Beginning	$ 0.28
Weighted Average Remaining Contractual Years [Member]
Schedule of Activities of Original Option Units [Line Items]
Weighted average remaining contractual years, Forfeited
Weighted average remaining contractual years, Exercised
Weighted average remaining contractual years, Ending
Weighted average remaining contractual years, Expected to be vested
Weighted average remaining contractual years, Beginning
Aggregate Intrinsic Value [Member]
Schedule of Activities of Original Option Units [Line Items]
Aggregate intrinsic value, Forfeited (in Dollars) \| $
Aggregate intrinsic value, Exercised (in Dollars) \| $
Aggregate intrinsic value, Ending (in Dollars) \| $	7,584,563
Aggregate intrinsic value, Expected to be vested (in Dollars) \| $
Aggregate intrinsic value, Beginning (in Dollars) \| $	$ 4,832,196

Derivative Financial Liabilities

12 Months Ended

Dec. 31, 2023

Derivative Financial Liabilities [Abstract]

Derivative Financial Liabilities

16.

Derivative Financial Liabilities

Warrant liabilities

On September 28, 2022, the Company issued 22,900,000 Warrants, which consists of 17,250,000 Public Warrants, 4,450,000 Sponsor Warrants and 1,200,000 PIPE Warrants (see Note 2). The Public Warrants have been traded on the Nasdaq Capital Market from September 29, 2022, while the Sponsor Warrants and the PIPE Warrants (collectively, the “Private Warrants”) which are held by the Sponsor, the PIPE Investors or any of their permitted transferees are not traded. The Private Warrants that are transferred to persons other than the permitted transferees shall upon such transfer cease to be Private Warrants and shall become Public Warrants.

The key terms of Warrants are summarized as follows:

The private placement warrants became exercisable on October 28, 2022, and the public warrants became exercisable on December 23, 2022. The Warrants will expire five years from September 28, 2022 or earlier upon redemption or liquidation.

Each Warrant can be exercised at an exercise price of US$11.50 in exchange for one ordinary share of the Company. The exercise price and number of ordinary shares issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the events of (i) a capitalization or share dividend, or a sub-division or other similar event; (ii) extraordinary dividend; (iii) a consolidation, combination, reverse share split or reclassification or other similar event.

For the Public Warrants, (i) if the price per ordinary share equals or exceeds US$18.00, the Company has the right to redeem the outstanding Public Warrants, in whole and not in part, at a price of US$0.01 per warrant; and (ii) if the price per ordinary share equals or exceeds US$10.00 but less than US$18.00, the Company has the right to redeem the outstanding Public Warrants, in whole and not in part, at a price of US$0.1 per warrant, and the Private Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants. Before the Warrants redeemed by the Company under the circumstance set out in the contract, the warrant holders will be able to exercise their Warrants on a cashless basis and receive that number of shares determined based on the redemption date and the fair market value of ordinary shares. The “cashless basis” means that the warrant holders would pay the exercise price by surrendering his, her or its Warrants for that number of ordinary shares.

The Private Warrants are identical to the Public Warrants, except that so long as they are held by the initial holders of these warrants and their permitted transferees, they (i) may be exercised for cash or on a cashless basis; (ii) includes the ordinary shares issuable upon exercise of the Private Warrants, may not be transferred, assigned or sold until 30 days after September 28, 2022; (iii) shall not be redeemable by the Company if the price per ordinary Share equals or exceeds US$18.00; (iv) shall only be redeemable by the Company, in whole and not in part, at a price of US$0.1 per warrant, if the price per ordinary share equals or exceeds US$10.00 but less than US$18.00. In addition, the Sponsor Warrants and the ordinary shares underlying the Sponsor Warrants are subject to lock-up restrictions. In certain cases, the calculation of exercise price may be different based on the valuation models for Public Warrants as compared to Private Warrants.

In case of any reclassification or reorganization of the outstanding ordinary shares (other than those described above or that solely affects the par value of such ordinary shares), or in the case of any merger or consolidation of the Company with or into another corporation or entity (other than a consolidation or merger in which the Company is the continuing corporation or company and that does not result in any reclassification or reorganization of the Company’s outstanding ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of ordinary shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised their Warrants immediately prior to such event.

Management considers Public Warrants and Private Warrants as liabilities and measures them at fair value in accordance with ASC 815, with fair value changes recognized in the Consolidated Statements of Operations, because:

(i)

for the Private Warrants, there is a settlement provision which is applied differently if the Private Warrants are transferred to a nonpermitted transferees and thus become the Public Warrants. In the case, the settlement amount (i.e., exercise price or number of shares) of the Private Warrants depends on the holder;

(ii)

for both the Private Warrants and Public Warrants, in the events of reclassification and reorganization (which is outside the control of the Company), the warrant holders are entitled to receive cash, but not the holders of all shares underlying the warrants.

Pursuant to the exchange, the Company issued an aggregate of 5,419,744 ordinary shares in June 2023 in exchange for all of its outstanding warrants, increasing the balances of ordinary shares and Additional Paid in Capital in the amount of RMB365 and RMB105,931,016, respectively.

Contingent cash settlement features of ESA Transaction (“ESA derivative liabilities”)

According to the ESA Agreement and Amendment No. 2 To Equity Support Agreement entered into as of December 27, 2022, the Company will receive the proceeds from the collateral account at the end of each of Reference Period: (i) the First Reference Period: the 27 consecutive Volume Weighted Average Price trading days (“VWAP Trading Days”) beginning on, and including, December 29,2022, if such date is a VWAP Trading Day, or the next immediate VWAP Trading Day following December 29, 2022, if December 29, 2022 is not a VWAP Trading Date; (ii) the Second Reference Period: the 30 consecutive VWAP Trading Days beginning on, and including, the 145th calendar day immediately following the Closing Date; and (iii) the Third Reference Period: the 30 consecutive VWAP Trading Days beginning on, and including, the 235th calendar day immediately following the Closing Date. In each case, subject to acceleration and postponement in certain circumstances set forth in the ESA Agreement, the proceeds to be received by the Company at the end of each Reference Period will be an amount equal to the agreed number of shares provided in ESA Agreement multiplied by the lesser of (i) an agreed price provided in ESA Agreement (US$10.40 in the First Reference Period, US$10.60 in the Second Reference Period and US$10.90 in the Third Reference Period) and (ii) the average Volume Weighted Average Price for the Reference Period (“Reference Price”). Concurrently, the Company shall pay to the ESA Investors a Reference Period Payment, which is an amount equal to the agreed number of shares multiplied by (i) if Reference Price is less than the agreed price, an amount equal to agreed price minus the reference price for the Reference Period, or (ii) if the Reference Price for the Reference Period is greater than or equal to the agreed price, zero. At the end of the final Reference Period, the outstanding cash balance in the collateral account shall be released to the Company. Within five business days following the release of the outstanding cash balance of the collateral account, the Company shall pay to the ESA Investors and/or Shaolin, at the direction of Shaolin, the aggregate amount of interest accrued on the funds held in the collateral account prior to the release less US$100,000, up to a maximum of US$300,000.

The contingent cash settlement features of ESA agreement were determined to be classified as liabilities measured at fair value in accordance with ASC 815, with fair value changes recognized in the Consolidated Statements of Operations, since the Company does not have an unconditional right to avoid delivering cash.

In 2023 the ESA proceeds were fully released from the collateral account and released to the Company and Shaolin, respectively in three tranches. As a result, the ESA derivative liabilities were settled in 2023. (Note 5)

As of December 31, 2023, the balance of derivative financial liabilities measured at fair value was summarized as below:

	December 31, 2023		December 31, 2022
Short-term derivative financial liabilities:
ESA derivative liabilities		-		269,251,436

Long-term derivative financial liabilities:
Warrant liabilities		-		19,083,004
		-		288,334,440

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2023 shares
Document Information Line Items
Entity Registrant Name	TH International Limited
Trading Symbol	THCH
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	165,917,880
Amendment Flag	false
Entity Central Index Key	0001877333
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41516
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	2501 Central Plaza
Entity Address, Address Line Two	227 Huangpi North Road
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	200003
Title of 12(b) Security	Ordinary share, par value US$0.00000939586994067732 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Auditor Firm ID	1186
Auditor Name	KPMG Huazhen LLP
Auditor Location	Shanghai, China
Business Contact
Document Information Line Items
Entity Address, Address Line One	2501 Central Plaza
Entity Address, Address Line Two	227 Huangpi North Road
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	200003
Contact Personnel Name	Yongchen Lu
Local Phone Number	021-6136-6616
City Area Code	+86

Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Contract Liabilities [Abstract]

Schedule of Contract Liabilities

Contract liabilities - current as of December 31, 2023 and 2022 were as follows:

	December 31, 2023		December 31, 2022

Deferred revenue related to customer loyalty program		20,008,439		12,179,748
Advance from customers related to coupons and gift cards		11,255,648		8,573,239
Deferred revenue related to upfront franchise fees received from sub-franchisees		1,349,357		750,618
Advance from third party		8,101,390		618,700
		40,714,834		22,122,305

Contract liabilities – non-current as of December 31, 2023 and 2022 were as follows:

		December 31, 2023				December 31, 2022
Deferred revenue related to upfront franchise fees received from sub-franchisees			5,271,661				3,311,176

Commitments and Contingencies (Details) - CNY (¥)	12 Months Ended
Commitments and Contingencies (Details) - CNY (¥)	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies [Line Items]
Upfront franchise fee	¥ 27,832,441	¥ 23,553,799
Continuing franchise fee	52,186,184	31,882,569
Outstanding accrued franchise	44,809,370	10,390,081
PLK [Member]
Commitments and Contingencies [Line Items]
Amount due to related parties	¥ 1,002,196

Intangible Assets, Net (Details) - Schedule of Estimated Future Amortization Expenses	Dec. 31, 2023 CNY (¥)
Schedule of Estimated Future Amortization Expenses [Abstract]
Year ended December 31, 2024	¥ 18,973,236
2025	18,630,192
2026	17,362,510
2027	14,243,307
2028	11,234,343
Thereafter	67,004,654
Total	¥ 147,448,242

Accounts Receivable, Net (Details) - Schedule of Allowance for Doubtful Accounts - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Allowance for Doubtful Accounts [Abstract]
Beginning balance	¥ 2,356,034
Provision	2,602,855	2,356,034
Ending balance	¥ 4,958,889	¥ 2,356,034

Intangible Assets, Net (Details) - Schedule of Intangible Assets, Net - Other Intangible Assets [Member] - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (38,861,509)	$ (24,663,009)
Intangible assets, net	$ 147,448,242	96,018,313
Franchise Right Authorized by THRI [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period (years)	20 years
Intangible assets, gross	$ 70,827,000	69,646,000
Franchise Right Authorized by PLK [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period (years)	20 years
Intangible assets, gross	$ 37,392,202
Franchise Right - Upfront Franchise Fees [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 78,090,549	$ 51,035,322
Franchise Right - Upfront Franchise Fees [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period (years)	2 years
Franchise Right - Upfront Franchise Fees [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization Period (years)	12 years

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Rental Expense

The components of rental expense were summarized as follows:

	December 31, 2023		December 31, 2022
Operating lease cost		286,515,922		254,209,990
Variable lease cost		22,674,718		(3,718,849	)
Short-term lease cost		200,918		113,048
Total rental expense		309,391,558		250,604,189

Schedule of Amounts Reported in the Consolidated Balance Sheet

Amounts reported in the consolidated balance sheet as of December 31, 2023 and 2022 were as follows:

	December 31, 2023		December 31, 2022
Assets
Operating lease right-of-use assets		849,079,096		946,872,784

Liabilities
Current
Current operating lease liabilities		200,877,880		180,468,426
Non-current
Non-current operating lease liabilities		707,688,605		820,248,803
Total operating lease liabilities		908,566,485		1,000,717,229

Schedule of Other information related to operating leases

Other information related to operating leases as of December 31, 2023 and 2022 were as follows:

	December 31, 2023			December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities		260,608,094			206,073,929
Right-of-use assets obtained in exchange for new lease liabilities		219,997,957			241,609,016
Weighted-average remaining lease term (years)		4.35			5.61
Weighted-average discount rate		6.23	%		5.96	%

Schedule of Maturities of operating lease liabilities

Maturities of operating lease liabilities under non-cancellable leases as of December 31, 2023 are as follows:

	Operating lease commitments
Year ending December 31, 2024		273,436,745
2025		261,218,811
2026		227,095,265
2027		167,770,657
2028		116,205,068
Thereafter		107,383,356

Total undiscounted lease payments		1,153,109,902

Less: imputed interest		(244,543,417	)

Total lease liabilities		908,566,485

Intangible Assets, Net (Details) - Schedule of Amortization of Intangible Assets - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets, Net (Details) - Schedule of Amortization of Intangible Assets [Line Items]
Total	$ 14,112,870	$ 9,319,001
Store Depreciation and Amortization [Member]
Intangible Assets, Net (Details) - Schedule of Amortization of Intangible Assets [Line Items]
Total	7,350,532	5,606,317
Franchise and Royalty Expenses [Member]
Intangible Assets, Net (Details) - Schedule of Amortization of Intangible Assets [Line Items]
Total	$ 6,762,338	$ 3,712,684

Segment reporting (Details) - Schedule of Income Taxes or Other Non Operating Items Segments - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Income Taxes or Other Non Operating Items Segments [Line Items]
Revenues	¥ 1,575,780,180	¥ 1,011,063,766	¥ 643,371,949
Company owned and operated store costs and expenses	1,477,663,247	1,120,290,257	755,818,069
Segment loss before income taxes	(597,868,574)
Other significant noncash items:
Depreciation and amortization	165,904,572
Loss on disposal of property and equipment	16,404,477	8,835,137	1,546,122
Provision for Inventories write-down	11,589,111	387,999
Impairment on long-live assets	111,426,961	¥ 7,222,765	¥ 1,001,880
Tim Hortons [Member]
Schedule of Income Taxes or Other Non Operating Items Segments [Line Items]
Revenues	1,560,005,807
Company owned and operated store costs and expenses	1,454,278,517
Segment loss before income taxes	(564,610,851)
Other significant noncash items:
Depreciation and amortization	163,154,711
Loss on disposal of property and equipment	16,404,477
Provision for Inventories write-down	11,589,111
Impairment on long-live assets	111,426,961
Popeyes [Member]
Schedule of Income Taxes or Other Non Operating Items Segments [Line Items]
Revenues	15,774,373
Company owned and operated store costs and expenses	23,384,730
Segment loss before income taxes	(33,257,723)
Other significant noncash items:
Depreciation and amortization	2,749,861
Loss on disposal of property and equipment
Provision for Inventories write-down
Impairment on long-live assets

Contract Liabilities (Details) - Schedule of Contract Liabilities - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Contract Liabilities [Abstract]
Deferred revenue related to customer loyalty program	¥ 20,008,439	¥ 12,179,748
Advance from customers related to coupons and gift cards	11,255,648	8,573,239
Deferred revenue related to upfront franchise fees received from sub-franchisees	1,349,357	750,618
Advance from third party	8,101,390	618,700
Contract liabilities	40,714,834	22,122,305
Deferred revenue related to upfront franchise fees received from sub-franchisees	¥ 5,271,661	¥ 3,311,176

Convertible Notes, at Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Convertible Notes, at Fair Value [Abstract]

Schedule of Convertible Notes Measured at Fair Value

As of December 31, 2023 and 2022, the balance of convertible notes measured at fair value was summarized as below:

		December 31, 2023				December 31, 2022
Convertible notes, at fair value			420,712,380				354,080,264

Related Parties (Details) - Schedule of Related Party Transactions - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Continuing franchise fee to Tim Hortons Restaurants International GmbH [Member]

Related parties

^[1]

$ 51,697,551

$ 31,882,569

$ 15,576,324

Continuing franchise fee to PLK APAC Pte. Ltd.[Member]

Related parties

^[1]

488,633

Upfront franchise fee to Tim Hortons Restaurants International GmbH [Member]

Related parties

^[2]

27,318,877

23,553,799

24,265,373

Upfront franchise fee to PLK APAC Pte. Ltd [Member]

Related parties

^[2]

513,564

Purchase of coffee beans from TDL Group Corp [Member]

Related parties

^[3]

63,400,907

49,135,749

28,168,228

Provision of consumer research service to THRI [Member]

Related parties

428,148

Services provided by Pangaea Data Tech (Shanghai) Co., Ltd [Member]

Related parties

^[4]

8,778,892

7,206,906

Reimbursements to Cartesian Capital Group, LLC [Member]

Related parties

^[5],[6]

$ 1,845,960

[1]	Pursuant to the master development agreement between the Company and THRI and PLK, pays continuing franchise fee based on certain percentage of revenue generated from Company owned and operated stores and franchise stores, and such continuing franchise fee was recorded in Franchise and royalty expenses.
[2]	Pursuant to the master development agreement between the Company and THRI and PLK, the Company pays upfront franchise fee for each newly opened store to THRI and PLK during the term of the master development contract. The amortization expense of upfront franchise fee in the amount of RMB1,837,556, RMB334,034 and nil for the years ended December 31, 2023, 2022 and 2021, respectively, are included in Franchise and royalty expense financial caption.
[3]	The Company purchased coffee beans from TDL Group Corp. for its daily operation in the amount of RMB63,400,907, RMB49,135,749 and RMB28,168,228 for the year ended December 31, 2023, 2022 and 2021, respectively. The Company sold and recognized coffee beans purchased from TDL Group Corp.for its daily operation in the costs of food and packaging in the amount of RMB72,109,353, RMB36,862,860 and RMB19,521,561 for the year ended December 31, 2023, 2022 and 2021, respectively.
[4]	Pangaea Data Tech (Shanghai) Co., Ltd. (“DataCo”) provides various data maintenance and management services, technical supports and consulting services in support of the operation of the Company. RMB998,515,RMB550,000, and nil for the years ended December 31, 2023, 2022 and 2021, respectively of purchased services are recognized in other operating expenses, respectively while RMB7,780,377, RMB6,656,906 and nil are capitalized in property and equipment for the years ended December 31, 2023, 2022 and 2021 respectively.
[5]	Cartesian Capital Group, LLC paid travel and entertainment expenses relating to Company’s directors on behalf of the Company.
[6]	On March 30, 2023, the Company acquired Popeyes China. As part of the consideration, the Company is obligated to pay Deferred Contingent Consideration. See Note 3 for details of Popeyes Transaction involving Pangaea Three Acquisition Holdings IV, Limited.

Bank Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Bank Borrowings [Abstract]]

Schedule of Bank Borrowings

	December 31, 2023		December 31, 2022
Short-term borrowings		527,369,276		386,819,972
Long-term borrowings due within one year		10,863,245		20,987,521
Total bank borrowings, current		538,232,521		407,807,493

	December 31, 2023			December 31, 2022
Total Long-term bank borrowings		16,129,615			29,787,537
Less: Long-term borrowings due within one year		(10,863,245	)		(20,987,521	)
Bank borrowings, non-current		5,266,370			8,800,016

Schedule of Maturities of Long-Term Bank Borrowings

The aggregate maturities of the above long-term bank borrowings for each year subsequent to December 31, 2023 are summarized as follows:

	RMB
2024		10,863,245
2025		5,266,370
2026		-
Thereafter		-
		16,129,615

Leases (Details)	12 Months Ended
Leases (Details)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Leases [Abstract]
Company-owned stores and office space	600
Operating leases	¥ 2,971,616	¥ 16,816,763

Short-term Investment (Details)					12 Months Ended
Short-term Investment (Details)	Jul. 13, 2023 CNY (¥)	Jul. 13, 2023 USD ($)	Feb. 15, 2023 CNY (¥)	Feb. 15, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jul. 13, 2023 USD ($)	Apr. 11, 2023 CNY (¥)	Apr. 11, 2023 USD ($)	Feb. 10, 2023 CNY (¥)	Feb. 10, 2023 USD ($)	Sep. 30, 2022 CNY (¥)	Sep. 30, 2022 USD ($)
Short-term Investment (Details) [Line Items]
Collateral amount	¥ 95,997,298								$ 13,421,127	¥ 72,556,022	$ 10,533,379	¥ 80,917,612	$ 11,919,983	¥ 377,490,814	$ 53,169,218
Short term investment	5,032,270	$ 712,069	¥ 686,130	$ 100,000
Interest income					¥ 14,249,793	$ 300,000	¥ 2,703,219	¥ 315,550
Realized gains (in Yuan Renminbi) \| ¥					¥ 5,718,400
Minimum [Member]
Short-term Investment (Details) [Line Items]
Interest accrued on funds held in the collateral account						100,000
Maximum [Member]
Short-term Investment (Details) [Line Items]
Interest accrued on funds held in the collateral account						$ 300,000
First Tranches [Member]
Short-term Investment (Details) [Line Items]
Collateral amount												¥ 36,747,941	$ 5,413,344
Second Tranches [Member]
Short-term Investment (Details) [Line Items]
Collateral amount										¥ 49,135,463	$ 7,133,280
Third Tranches [Member]
Short-term Investment (Details) [Line Items]
Collateral amount	¥ 33,943,379								$ 4,745,534

Loss Per Share (Details) - Schedule of Net Loss Per Share (Parentheticals) - ¥ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Net Loss Per Share [Abstract]
Diluted weighted average number of ordinary shares	154,188,667	128,096,505	121,582,945
Diluted loss per ordinary share (in RMB)	¥ (5.68)	¥ (5.80)	¥ (3.14)

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-52

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

+ Details

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consist of the following:

	December 31, 2023			December 31, 2022
Furniture and office equipment		86,800,904			57,867,896
Kitchen equipment		236,970,298			199,362,443
Software		122,278,784			56,181,672
Leasehold improvements		676,590,372			602,788,920
Construction in progress		6,000,465			22,971,178

Property and equipment, gross		1,128,640,823			939,172,109
Less: accumulated depreciation		(338,293,416	)		(214,000,566	)
Less: accumulated impairment loss		(98,471,484	)		(5,135,573	)

Property and equipment, net		691,875,923			720,035,970

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

26.

Fair Value Measurement

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022:

	As of December 31, 2023						Total Fair
	Level 1		Level 2		Level 3		Value
	RMB		RMB		RMB		RMB

Liabilities
Convertible notes		-		-		420,712,380		420,712,380
Liability-settled share-based payment to non-employee		-		-		2,833,080		2,833,080
Deferred contingent consideration		-		-		94,199,910		94,199,910

		-		-		517,745,370		517,745,370

	As of December 31, 2022						Total Fair
	Level 1		Level 2		Level 3		Value
	RMB		RMB		RMB		RMB
Assets
Short-term investments		-		372,375,701		-		372,375,701

Liabilities
Convertible notes		-		-		354,080,264		354,080,264
ESA derivative liabilities		-		-		269,251,436		269,251,436
Warrant liabilities		-		-		19,083,004		19,083,004
Liability-settled share-based payment to non-employee		-		-		4,039,468		4,039,468

		-		-		646,454,172		646,454,172

	Convertible notes		Short-term investments			Warrant liabilities			ESA derivative liabilities			Liability-settled share-based payment to non-employee			Deferred contingent consideration
Balance as of January 1, 2023		354,080,264		372,375,701			19,083,004			269,251,436			4,039,468			-
Additions													-			65,968,319
Changes in fair value, excluding impact of instrument-specific credit risk		58,280,908		3,584,872			83,966,126			(19,654,006	)		(1,386,708	)		26,106,460
Realized gain recognized in interest income		-		(5,718,400	)		-			-			-			-
Changes in fair value due to instrument specific credit risk		2,116,740		-			-						-			-
Foreign currency translation adjustment		6,234,468		(944,458	)		2,882,251			(126,498	)		180,320			2,125,131
Exercise of Public and Private warrants		-		-			(105,931,381	)		-			-			-
Settlement of Liability-settled share-based payment to employee		-		-			-			-			-			-
Settlement of 1^st, 2^nd and 3^rd tranches of ESA Agreement		-		(369,297,715	)		-			(249,470,932	)		-			-
Balance as of December 31, 2023		420,712,380		-			-			-			2,833,080			94,199,910

	Convertible notes		Short-term investments		Warrant liabilities			ESA derivative liabilities			Liability-settled share-based payment to non-employee
Balance as of January 1, 2022		318,466,215		-		-			-			-
Additions		-		370,242,173		65,418,439			88,172,680			11,519,334
Changes in fair value, excluding impact of instrument-specific credit risk		4,493,605		2,133,528		(45,903,468	)		186,598,308			(7,390,032	)
Changes in fair value due to instrument specific credit risk		1,520,393		-		-			-			-
Foreign currency translation adjustment		29,600,051		-		(431,967	)		(5,519,552	)		(89,834	)
Balance as of December 31, 2022		354,080,264		372,375,701		19,083,004			269,251,436			4,039,468

Balance as of January 1, 2021		-		-		-			-			-
Additions		312,092,172		-		-			-			-
Changes in fair value of convertible notes, excluding impact of instrument-specific credit risk		5,577,001		-		-			-			-
Changes in fair value of convertible notes due to instrument-specific credit risk		548,029		-		-			-			-
Foreign currency translation adjustment		249,013		-		-			-			-
Balance as of December 31, 2021		318,466,215		-		-			-			-

The convertible notes were measured at fair value using the Binomial Option Pricing Model. The ESA derivative liabilities and Liability-settled share-based payment to non-employee were measured at fair value using the Black-Scholes Option Pricing Model. The warrants liabilities were measured at fair value using the Monte Carlo Simulation Model. The Deferred Contingent consideration were measured at fair value using a combination of discounted cashflow model and the Black-Scholes model as it is largely based on revenue generated from Popeyes restaurants.

As of December 31, 2023, the assumptions were as follow:

	Convertible notes			Liability-settled share-based payment to non-employee			Deferred contingent consideration
Expected volatility		22.00	%		64.00	%		22.00	%
Risk-free interest rate (per annum)		4.00	%		5.23	%		4.20	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share	US$	1.75		US$	1.75		US$	1.75
Bond yield		10.60	%		N/A			N/A
Discount rate		N/A			N/A			23.00	%
Annual per store revenue growth rate		N/A			N/A			2.00	%

December 31, 2022, the assumptions were as follow:

	Convertible notes			ESA derivative liabilities			Warrants liabilities			Liability- settled share-based payment to non-employee
Expected volatility		28.00	%		18.00%-26.00	%		26.00	%		26.00	%
Risk-free interest rate (per annum)		4.10	%		4.05%-4.62	%		4.07	%		4.39	%
Expected dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share	US$	2.78		US$	2.78		US$	2.78		US$	2.78
Bond yield		13.30	%		N/A			N/A			N/A

The fair value of the Convertible notes, Liability-settled share-based payment to non-employee and Deferred contingent consideration as of December 31, 2023 were estimated by management with the assistance of an independent valuation firm.

The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Convertible Notes and Deferred contingent consideration.

The expected volatility was estimated based on the historical volatility of the Company with a time horizon close to the expected term of the liability-settled share-based payment to non-employee.

The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Notes in effect at the valuation date of Convertible Notes, Deferred contingent consideration and liability-settled share-based payment to non-employee. The expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares and the Company does not intend to pay dividend before the Company becomes profitable. The bond yield was based on the market yield of comparable bonds with similar credit rating. The fair value of the Company’s ordinary shares was obtained from the listed trading price of THIL.

The cashflow forecast of Deferred contingent consideration is based on management plan of Popeyes restaurants to be opened during the forecast period and expected average revenue per store, which consider the store opening milestones stipulated in the Popeyes master development agreement and historical experience of per store revenue with comparable store size and type of food menu.

The inputs used in the analysis for December 31, 2023 were classified as Level 3 inputs within the fair value hierarchy due to the lack of observable market data and activity.

Nonrecurring Fair Value Measurements

The Company measures its property and equipment at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable.

Long-lived assets within asset groups were measured at fair value on a nonrecurring basis as of the end of each quarter during 2023 due to an impairment recognized on those assets at that date (see Note 9). Fair value of the asset groups were estimated by RMB19,663,421 using quoted selling price for identical assets of the kitchen equipment within asset group under the market approach classified in Level 2 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Financial Liabilities [Abstract]

Schedule of Derivative Financial Liabilities Measured at Fair Value

As of December 31, 2023, the balance of derivative financial liabilities measured at fair value was summarized as below:

	December 31, 2023		December 31, 2022
Short-term derivative financial liabilities:
ESA derivative liabilities		-		269,251,436

Long-term derivative financial liabilities:
Warrant liabilities		-		19,083,004
		-		288,334,440

Consolidated Balance Sheets	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 203,586,692	¥ 239,077,430
Time deposits	17,165,400
Short-term investments		372,375,701
Accounts receivable, net	27,561,509	5,617,195
Inventories	50,718,849	71,467,517
Prepaid expenses and other current assets	159,587,212	108,274,731
Total current assets	458,619,662	796,812,574
Non-current assets
Property and equipment, net	691,875,923	720,035,970
Intangible assets, net	147,448,242	96,018,313
Operating lease right-of-use assets	849,079,096	946,872,784
Other non-current assets	68,415,741	82,270,359
Total non-current assets	1,756,819,002	1,845,197,426
Total assets	2,215,438,664	2,642,010,000
Current liabilities
Bank borrowings, current	538,232,521	407,807,493
Accounts payable	224,849,282	105,673,391
Contract liabilities	40,714,834	22,122,305
Operating lease liabilities	200,877,880	180,468,426
Derivative financial liabilities		269,251,436
Other current liabilities	338,153,970	310,454,355
Total current liabilities	1,395,832,695	1,318,262,369
Non-current liabilities
Bank borrowings, non-current	5,266,370	8,800,016
Contract liabilities	5,271,661	3,311,176
Operating lease liabilities	707,688,605	820,248,803
Derivative financial liabilities		19,083,004
Convertible notes, at fair value	420,712,380	354,080,264
Other non-current liabilities	8,896,258	7,919,952
Total non-current liabilities	1,242,035,184	1,213,443,215
Total liabilities	2,637,867,879	2,531,705,584
Commitments and contingencies
Shareholders’ (deficit) equity
Ordinary shares (US$0.00000939586994067732 par value, 500,000,000 shares authorized, 166,217,880 shares and 158,248,149 shares issued and outstanding as of December 31, 2023, respectively, 149,181,538 shares and 140,938,555 shares issued and outstanding as of December 31, 2022, respectively)	9,733	8,616
Additional paid-in capital	1,807,715,296	1,472,014,651
Accumulated losses	(2,256,423,775)	(1,380,173,392)
Accumulated other comprehensive income	21,491,865	17,000,825
Treasury shares (7,969,731 and 8,242,983 ordinary shares as of December 31, 2023 and 2022, respectively)
Total (deficit) equity attributable to shareholders of the Company	(427,206,881)	108,850,700
Non-controlling interests	4,777,666	1,453,716
Total shareholders’ (deficit) equity	(422,429,215)	110,304,416
Total liabilities and shareholders’ (deficit) equity	2,215,438,664	2,642,010,000
Related Party
Current liabilities
Amount due to related parties	53,004,208	22,484,963
Non-current liabilities
Amount due to related parties	¥ 94,199,910

Income Tax (Details) - Schedule of Loss before Income Taxes - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Loss before Income Taxes [Line Items]
Loss before income taxes	¥ (872,829,192)	¥ (744,748,251)	¥ (382,929,166)
Chinese Mainland [Member]
Schedule of Loss before Income Taxes [Line Items]
Loss before income taxes	(627,881,824)	(506,323,501)	(371,992,927)
Hong Kong S.A.R and overseas entities [Member]
Schedule of Loss before Income Taxes [Line Items]
Loss before income taxes	¥ (244,947,368)	¥ (238,424,750)	¥ (10,936,239)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details